Transocean and Seadrill in Merger Talks as Offshore Oil and Gas Rebounds

Transocean and Seadrill are discussing a merger to capitalize on a rebound in offshore oil and gas investment, Bloomberg has reported, citing unnamed sources in the know. A deal is far from certain, the report noted, as the companies currently discuss the structure of a potential tie-up. Offshore oil and gas exploration has been growing at a steady pace in recent years, with virtually all major new discoveries made offshore.

Rystad Energy reported earlier this month that deepwater exploration investment was exceeding investment in shale oil, and with good reason. The Norwegian research firm noted that the amount of oil recovered per foot drilled in the shale patch was on the decline, shedding 15% between 2020 and 2023. Offshore recovery rates, however, are more stable, and deepwater fields offer bonus advantages, such as lower costs, greater resource potential, and longer productive lives of the assets.

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