will merge creating the world's fourth largest oil drilling company.

Norex America Inc., formerly the Bermuda Star Line, is a Bermuda permit company wholly-owned by Bermuda registered Norex Corporation Ltd.

The merger will create a company, to retain the name Transocean, capitalised at about $500 million with 1995 revenues of $480 million.

The new Transocean will operate a fleet of 19 mobile rigs.

The board of directors recommended Mr. Kristian Siem, Norex America Inc.

chairman be appointed chairman of the merged company.