Offshore drilling mergers raise hopes for sector recovery
Transocean's GSF Development Driller II crosses Istanbul's Bosphorus on its way to the Black Sea September 6, 2014. REUTERS/Murad Sezer/ HOUSTON (Reuters) - Mergers among offshore oil drillers are raising hopes that consolidation could bring relief to a sector struggling to emerge from an industry downturn triggered by low crude prices. Transocean Ltd, one of the world's largest offshore drilling contractors, on Tuesday agreed to buy Norwegian rival Songa Offshore SE for $1.1 billion. The deal follows Ensco Plc's pending purchase of Atwood ...
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