The merger between Transocean (RIG) and Ocean Rig (ORIG) is gaining steam. New merger materials are out in public, so investors have the chance to see how Ocean Rig was trying to sell itself and how the company ended in Transocean’s hands.
It turns out that Ocean Rig’s management was trying to sell the company right after it completed restructuring and emerged from bankruptcy with a clean balance sheet. According to merger materials, Transocean’s CEO Jeremy Thigpen contacted Ocean Rig following the completion of Ocean Rig restructuring in autumn of 2017.