The company provides quarterly updates on the status of its fleet on its website. Transocean was formed as a result of the merger of Southern Natural Gas Company, later Sonat, with many smaller drilling companies. Transocean started in the 1970s as a whaling company and expanded through a series of mergers. The new company was called Transocean Offshore. 2 billion stock transaction in which Schlumberger shareholders received shares of Transocean. With the acquisition, Transocean gained control of what at the time was the world’s largest offshore operation. B Falcon’s assets was the Deepwater Horizon.
B Falcon had acquired Cliffs Drilling Company in 1998. In 2007, the US Department of Justice and the Securities and Exchange Commission filed a case against Transocean, alleging violations of the Foreign Corrupt Practices Act. The case alleged that Transocean paid bribes through its freight forwarding agents to Nigerian customs officials. 15 billion of cash as well as stock in the new company for their shares. In 2008, the company moved its headquarters to Switzerland, resulting in a significantly lower tax rate. 5,000 feet deeper than its stated design specification.
In 2010, Transocean was implicated in the Deepwater Horizon oil spill resulting from the explosion of one of its oil rigs in the Gulf of Mexico that was leased to BP. In 2011, the company acquired Aker Drilling, which owned 4 harsh environment rigs used for drilling near Norway. In 2012, the company sold 38 shallow water rigs and narrowed its focus on high-specification deepwater rigs. Effective on 30 March 2016, the company delisted its shares from the SIX Swiss Exchange, at which time its shares were removed from the Swiss Market Index. Transocean was rated as a leader in its industry for many years.