In 1999 Schlumberger proposed

In 1999 Schlumberger proposed a merger of equals with Schlumberger's offshore subsidiary Sedco Forex. The deal was valued at US$3.2 billion. The new company was renamed Transocean Sedco Forex. (The name was simplified to Transocean in 2003.) Sedco Forex had been formed from a merger of two drilling companies, the Southeast Drilling Company (Sedco), founded in 1947 by Bill Clements and acquired by Schlumberger in 1985 for $1 billion,[8] and French drilling company Forages et Exploitations Pétrolières (Forex) founded in 1942 in German occupied France for drilling in North Africa.[5] Schlumberger first got a foothold in the company in 1959 and then assumed total control in 1964 and renamed it Forex Neptune Drilling Company.[8] The spunoff Houston-based Transocean was part of the S&P 500.

In 2000 Transocean acquired R&B Falcon in a deal valued at $17.7 billion.[9] With the acquisition Transocean gained control of what at the time was the world's largest offshore operation. Among R&B Falcon's assets was the Deepwater Horizon. R&B Falcon was formed in 1997 from the merger of Reading and Bates Exploration, which had been founded in 1970 and headquartered in Tulsa, Oklahoma,[10] and Falcon Drilling, which had been founded in 1988 by Steven A. Webster with a $300,000 investment and headquartered in Houston.[11]

In 2005 Discoverer Spirit set a world record for deepest offshore oil and gas well of 34,189 ft (10,421 m)

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