Transocean to Delist from SIX Swiss Exchange

Transocean is to delist from the SIX Swiss Exchange in the first quarter of 2016, marking a retreat from Europe for one of the world's largest offshore drilling groups.

Transocean (RIG), whose 2010 listing in Switzerland was the biggest debut on the Swiss exchange in more than a decade, gave no reason for its decision in a statement on Monday. A Transocean spokeswoman declined to comment further.

Its U.S. shares will continue to trade on the New York Stock Exchange.

Like many other companies in the oil business, Transocean has been hit by the low oil price which has meant that companies rent out fewer of its rigs as they cut back on oil exploration and production.

Its Swiss shares have lost more than a fifth of their value this year. The shares were little changed at 14.32 Swiss francs ($14.02) by 1220 GMT.

In 2010, the company said listing in Switzerland was "an excellent way" to increase interest among Swiss and European investors.

Transocean's exit from the Swiss exchange will make room for another company -- possibly Swiss insurer Swiss Life -- in the country's benchmark blue-chip Swiss Market Index .

Members of the benchmark SMI are chosen based on their market capitalisation and trading volume. On that basis, Swiss Life and Swiss-based hearing aid maker Sonova could be the most likely candidates to replace Transocean.

"According to our selection list, Swiss life is, at least based on today's figures, the most likely candidate," SIX spokesman Stephan Meier said.

Swiss Life dropped out of the SMI five years ago after Transocean's listing.

The SIX Exchange in Zurich said it was still awaiting formal notice from Transocean of its delisting intentions before setting the company's final trading day next year.

Transocean will remain incorporated in Switzerland, the company said.

Reporting by Michael Shields