Transocean Pays $432M In Buyout Deal For Two Oil Rigs

Law360, New York (May 7, 2012, 5:25 PM EDT) -- Transocean Ltd., which owns the world's biggest fleet of oil and gas rigs, will pay $432 million in stock to buy out its joint venture partner and take control of two deepwater ships currently drilling for Reliance Industries Ltd. off the coast of India, the company said Monday.

Quantum Pacific Management Ltd. exercised an option in the joint venture agreement to sell its stake for cash or stock in February. Its choice to take 8.7 million shares became final Sunday, Transocean said in a filing with...
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