The price tag wasn’t the only stark
difference between Nabors Industries’
$140 million acquisition of Tesco (PG 1)
and Transocean’s $3.4 billion purchase
of Songa Offshore (PG 1). While the
former deal was met with nearly universal
applause, the latter sharply
divided observers.
For $216 million in
stock, Nabors not only added Tesco’s
tubular running services to complement
its drilling services but it also improved
its balance sheet in adding a debt-free
competitor. Meanwhile, Transocean is
coughing up $480 million in cash, $540
million in equity and $660 million......
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