Transocean Ltd. (NYSE: RIG) has agreed to acquire Transocean Partners LLC (NYSE: RIGP) in a deal that would give it ownership interests in two drillships and an ultra-deepwater semisubmersible currently owned by Transocean Partners.

On Aug. 1 Transocean Ltd. said it agreed to acquire all of the outstanding common units of Transocean Partners that it does not already own in a share-for-unit merger transaction, according to a news release. If Transocean Partners’ common unitholders approve the transaction and customary approvals and conditions are granted, the deal could close in fourth-quarter 2016, resulting in Transocean Partners being 100% owned by Transocean.

Transocean said it has already committed to voting in favor of the merger.

If the deal goes through as planned, Transocean will have indirectly acquired the 51% ownership interests in Transocean Partners’ Discoverer Inspiration drillship, the Discoverer Clear Leader drillship and the Development Driller III ultradeepwater semisubmersible, the release said.

Offshore