23 November 2015, News Wires – Transocean is quitting the stock exchange in Switzerland but the rig giant is not turning its back completely on the European financial and trading hub.
Transocean Polar Pioneer. Source: Keppel
The company revealed on Monday its intention to delist its shares from the SIX Swiss Exchange in the first quarter.
It expects authorities will approve the delisting application before the end of the year.
No reason was given for the delisting move.
“The company will remain incorporated in Switzerland and its shares will continue to be listed and traded on the New York Stock Exchange,” Transocean said.
Transocean moved its headquarters to Switzerland in 2008 and listed its shares there very soon after the Deepwater Horizon blowout and oil spill in the US Gulf of Mexico two years later.
Steve Newman, who has since been replaced as chief executive by Jeremy Thigpen, said at the time of the listing in mid-2010: “With our company headquarters located in Switzerland since late 2008, we believe the listing of Transocean’s shares on SIX is an excellent way to increase interest in Transocean among Swiss and European investors and re-affirm our presence as a Swiss company.”