Transocean and GlobalSantaFe have received approval from the Grand Court of the Cayman Islands for the proposed merger of GlobalSantaFe with a wholly-owned subsidiary of Transocean.
The proposed merger remains the subject of investigation by the UK Office of Fair Trading (OFT), and the tentative closing date remains subject to various closing conditions.
Both of the offshore oil and gas drilling contractors are expecting the OFT to announce its decision as to whether the merger raises competitive issues that could, in the absence of appropriate undertakings by the parties, warrant a reference to the UK Competition Commission.