Citi: Merger between Transocean and Seadrill is highly likely to create the largest offshore drilling operator

Citigroup analysts believe that there is a high possibility of a merger between offshore drilling companies Seadrill and Transocean, which is expected to create the largest offshore drilling operator. Transocean owns 24 deepwater drilling rigs, while Seadrill owns 11. The merger will help Transocean deleverage and improve its financial foundation. Citigroup predicts that after the merger, Seadrill's stock price will reach $55, and Transocean's stock price will also rise