Transocean announced on Monday that it is merging with GlobalSantaFe in a deal that will value the combined company at over $53 Billion.

The merger creates a drilling powerhouse that will be able to produce crude and natural gas from both shallow wells and ultra deep offshore ventures.

Shareholders of both companies will receive shares in the new company which will use the Transocean name and stock symbol (RIG-NYSE).

The deal is expected to close by the end of 2007.


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