NEW YORK, Nov. 21 /PRNewswire/ -- Transocean Inc. (new) (NYSE:RIG) will replace Transocean Inc. (old) (NYSE:RIG) in the S&P 500 after the close of trading on Monday, November 26. Transocean is acquiring GlobalSantaFe Corp. (NYSE:GSF) in a transaction that involves the shares of both companies being converted into a new class of stock.
Standard & Poor's will monitor this transaction, and post any relevant updates on its website: www.standardandpoors.com.
Transocean provides offshore contract drilling services for oil and gas wells. Headquartered in Houston, TX, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Oil & Gas Drilling Sub-Industry index.
Following is a summary of the change: S&P 500 INDEX - November 26, 2007 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Transocean (new) Energy Oil & Gas Drilling DELETED Transocean (old) Energy Oil & Gas Drilling
Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.
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Source: Standard & Poor's