Transocean said it has agreed to acquire all of the outstanding common units of Transocean Partners in a share-for-unit merger transaction.
The move will see Transocean common unit holders receive 1.1427 shares for each Transocean Partners common unit.
The company said following completion of the transaction it will 100% own Transocean Partners.
It means Transocean will also acquire 51% ownership interests in the Discoverer Inspiration, Discoverer Clear Leader and the Development Driller III.
Transocean Partners will also cease to publicly trade on the New York Stock Exchange.
Jeremy Thigpen, chief executive of Transocean, said: “We are excited about this merger, as it provides significant and immediate benefits to Transocean in the form of simplified administration and governance, tangible cost savings and improved liquidity.
“The contemplated all-equity transaction is entirely consistent with Transocean’s current liquidity objectives.”