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Today, Transocean Ltd. (NYSE: RIG) (SIX: RIGN) said it would delist its shares from the Swiss Stock Exchange (SIX). The company expects the SIX listing authorities to approve its application before the end of the year with delisting following in the first quarter of 2016. The company will remain incorporated in Switzerland and its shares will continue to be listed and traded on the New York Stock Exchange (NYSE).
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The company, one of the world’s largest offshore drilling contractors, rents drill rigs and personnel to oil and gas extractors. On 20 April 2010 the company hit world headlines when an explosion on the Deepwater Horizon drilling unit, owned and operated by Transocean for BP in the Gulf of Mexico, killed 11 people and led to one of the world’s largest oil spills.
According to the company’s 2014 annual report it employs 13,000 people, and operates 71 mobile offshore drilling units around the world.
Transocean’s shares began trading on the Swiss stock exchange in April 2010, roughly two years after moving its headquarters to Switzerland. The company’s share price has slid significantly since then. In April 2010 shares were traded as high as CHF 94.60. Today shares were changing hands at CHF 14.36. 2014 was a tough year for the company. It suffered a annual loss of nearly US$ 2 billion.
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