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Tuesday November 20, 6:49 pm Eastern Time

Global Marine and Santa Fe complete merger

HOUSTON, Nov 20 (Reuters) - Global Marine Inc. and Santa Fe International Corp. said on Tuesday they have completed their merger to create the world's No. 2 offshore oil and natural gas drilling contractor.

The merged company will be known as GlobalSantaFe Corp. and its stock will start trading on the New York Stock Exchange under ticker symbol GSF on Nov. 21.

The merger was implemented by means of a stock swap in which Global Marine stockholders received 0.665 Santa Fe shares for each Global Marine share, valuing Global Marine at about $2.5 billion at Tuesday's closing share prices.

The new company will have some 233 million shares outstanding and a market capitalization of about $4.9 billion, ranking it second among offshore drillers behind Transocean Sedco Forex Inc. which has a market value of some $9.2 billion.