ZUG, Switzerland, May 6 (UPI) -- Drilling contractor Transocean said it planned to create a subsidiary that will take eight rigs to conduct operations in the British waters of the North Sea.
Transocean said the new Caledonia Offshore Drilling Co. should be established during the second half of the year. The spinoff will consist of eight rigs, which have day rates ranging from $300,000 to around $400,000, bound for deployment in the North Sea.