Offshore drilling mergers raise hopes for sector recovery

By Liz HamptonHOUSTON (Reuters) - Mergers among offshore oil drillers are raising hopes that consolidation could bring relief to a sector struggling to emerge from an industry downturn triggered by low crude prices.Transocean Ltd, one of the world's largest offshore drilling contractors, on Tuesday agreed to buy Norwegian rival Songa Offshore SE for $1.1 billion.The deal followsEnsco Plc's pending purchase of Atwood Oceanics Incin a transaction valued at $839 million.