Shares in oil drilling contractor Transocean were boosted at the start of the company’s first day of listing in the leading blue chip Swiss Market Index (SMI).This content was published on June 21, 2010 - 11:06
Shares opened 2.5 per cent higher at SFr60.60 ($53.13) at 9.30 am on Monday.
The Zug-based firm started trading on the Swiss stock exchange (SIX) on April 20, which happened to be the same day that an explosion on the Transocean-owned Deepwater Horizon oil rig claimed 11 lives and has caused massive pollution.
The SIX opted to include Transocean on the SMI leading index of the top 20 shares after seeing huge trading interest in the first few days. But the share price and market capitalisation of the company has since dived by around 40 per cent.
Transocean chief executive Steven Newman has said a listing on the SIX was a way to increase interest in Transocean among Swiss and European investors and re-affirm their presence as a Swiss company.
Transocean was also listed on the Swiss Leader Index from Monday. The firm’s inclusion in the SMI knocked insurance giant Swiss Life out of the index.
Transocean is the world’s largest offshore drilling contractor. The company was established in the United States and its headquarters have been located in Switzerland since late 2008.
swissinfo.ch and agencies
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