"It is now more like a series of offshore operations, with no base but interlinked communications."

With the acquisition, Transocean gained control of what at the time was the world's largest offshore operation.

The company has a charter fleet of 29 marine vessels for offshore operations.

The companies will also share technology and expertise in offshore operations, the companies said.

A ratio of less than 2.0 is considered suitable for offshore operation.

Next, it plans to set up a company in London to manage new offshore operations.

Critical elements for offshore operations are use of time and expected weather.

If approved and built, the $700 million gas transfer project would be one of the world's first such offshore operations, industry experts say.

A review of the bank's offshore operations is also being awaited.

The contract specified that the vessel would spend "at least" 560 days in offshore operations between 2005 and 2007.