Transocean Ltd. completed the acquisition of its rig operator, Transocean Partners LLC, in an all-equity transaction.

Transocean Partners unit holders get 1.2 Transocean shares for each Transocean Partners unit they own, Transocean said Dec. 9. Transocean issued about 23.8 million shares for the transaction.

As a result of the deal completion, Transocean Partners' common units were delisted from the NYSE on Dec. 9.

Transocean provides offshore contract drilling services for oil and gas wells, with a particular focus on deepwater and harsh environments.