Transocean Inc., Houston, (NYSE:RIG) is moving its headquarters from the Cayman Islands to Switzerland.
Transocean must get approval from its shareholders and a Cayman judge. If approved, the change could be made by year-end or early 2009.
Transocean will relocate 14 officers, including Transocean chief executive officer Bob Long, and some support staff to Geneva.
Transocean’s operations will continue to be conducted through existing subsidiaries. Houston will continue to be the company’s largest office and will also continue to provide corporate, technical and support services to worldwide operations.
“The redomestication will provide us with an improved ability to manage our businesses and better focus on strategic growth markets by locating our principal executive offices more centrally within Transocean’s area of worldwide operations,” Long says. “Furthermore, Switzerland has a stable and developed tax regime and a network of tax treaties with most countries in which we operate. As a result, the redomestication will improve our ability to maintain a competitive worldwide effective corporate tax rate.”
Transocean will continue to be subject to SEC reporting rules, and the company’s shares will continue to be listed on the New York Stock Exchange as RIG.
Transocean has a fleet of 137 mobile offshore drilling units plus 10 announced ultra-deepwater new-build units. The company owns or operates a contract drilling fleet of 39 high-specification floaters (ultra-deepwater, deepwater and harsh-environment semisubmersibles and drillships), 29 midwater floaters, 10 high-specification jackups and 55 standard jackups. JAS
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