Transocean has been drilling wells off Norway since the early 1970s under various names and today owns five rigs off the Nordic country. After the deal with Aker Drilling, the firm will own seven rigs and boost its market share of the rig market in the Nordic country to 25 percent, making it the biggest in the market. Transocean was keen to acquire new, cutting-edge rigs to renew its aging fleet especially at a time when demand is growing for rigs that can drill in ultra-deepwater, at depths below 1,500 meters and in harsh environments like the Arctic. Transocean is a well established drilling operator (off Norway), and we see this as a good match, Terra Markets analyst Kim Andre Uggedal said in a note to clients. TIGHT REGULATION Lunde at Carnegie said the rig market in Norway was a tightly regulated niche.