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Sedco Forex Company

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July 13, 1999 | From Bloomberg News
Schlumberger Ltd. plans to spin off its Sedco Forex Offshore unit to shareholders, then merge it with Transocean Offshore Inc. in a $3.2-billion transaction that would create the world's largest offshore drilling company. Shares of the new company, to be called Transocean Sedco Forex, are valued at $29 each, for a total of about $6.1 billion. Schlumberger shareholders would own 52%.
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BUSINESS
July 13, 1999 | From Bloomberg News
Schlumberger Ltd. plans to spin off its Sedco Forex Offshore unit to shareholders, then merge it with Transocean Offshore Inc. in a $3.2-billion transaction that would create the world's largest offshore drilling company. Shares of the new company, to be called Transocean Sedco Forex, are valued at $29 each, for a total of about $6.1 billion. Schlumberger shareholders would own 52%.
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