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News Summary: Transocean selling 38 rigs for $855M

NEW YORK (AP) -- RIG SALE: Transocean Ltd., the Swiss drilling rig contractor, is selling 38 of its shallow water rigs to Shelf Drilling International Holdings Ltd. for about $855 million in cash.

OTHER CONSIDERATIONS: The deal also includes $195 million in preferred shares being issued by Shelf. Transocean said Monday that it will provide some transition support services to Shelf as part of the transaction.

OUTLOOK: The majority of Transocean's revenue is generated by its ultra-deepwater high-specification fleet so the company is focusing on developing that business.