Transocean Offshore Inc. announced today that its shareholders on December 10 approved proposals relating to the merger of Transocean Offshore and Sedco Forex, the offshore contract drilling business of Schlumberger Limited. Schlumberger will have no ownership in the combined company following the merger. In a separate meeting, Schlumberger stockholders approved the proposal to spin off the capital stock of Sedco Forex, on a one-for-one basis, to Schlumberger stockholders. The spin-off will taTransocean Sedco Forex Inc.
announced that W. Dennis Heagney, Executive Vice President and Chief Operating Officer, will retire from the Company in June 2002, concluding 33 years of service. Mr. Heagney began his career in 199 with The Offshore Company, a predecessor of Transocean Sedco Forex and has worked in a variety of operating and marketing roles in both the United States and international locations.The Company also announced Articles about Transocean Sedco Forex its Board of Directors has appointed Robert L.
Long as President of Transocean Sedco Forex Inc., effective immediately. Mr. Long will also assume the role of Chief Operating Officer upon the retirement of Mr. The firm is projected to be the fourth largest oil field service company, in terms of market capitalization, behind Schlumberger, Halliburton, and Baker Hughes Inc.The deal gives Sedco Forex new operations in the Gulf of Mexico and Norway and offers Transocean added strength in West Africa and Asia.The transaction is expected to be tax-free and will be accounted for as a purchase, with Sedco Forex Offshore as the accou.
Schlumberger has no ownership interest in Transocean Sedco Forex.