Two drilling companies merged today - and the reason is:
"The combined company will have a global fleet of 146 rigs, including harsh-environment jackups and ultra-deepwater drillships.
Marshall said the merger gives the new Transocean a broader customer base, particularly with state-owned national oil companies, which control almost 90 percent of global oil reserves. It also will give Transocean greater exposure in the growing deepwater drilling market."
Notice the bold part. It shows how there is virtually no hope of there being a "free" market, nor of a couple private finds here and there making an impact! 90% Nationalized - WOW
"The combined company will have a global fleet of 146 rigs, including harsh-environment jackups and ultra-deepwater drillships.
Marshall said the merger gives the new Transocean a broader customer base, particularly with state-owned national oil companies, which control almost 90 percent of global oil reserves. It also will give Transocean greater exposure in the growing deepwater drilling market."
Notice the bold part. It shows how there is virtually no hope of there being a "free" market, nor of a couple private finds here and there making an impact! 90% Nationalized - WOW