Shareholders approve Transocean’s acquisition of Songa Offshore

One of Songa Offshore’s Cat D drilling rigs, Songa Equinox

Offshore drilling giant Transocean has received shareholders’ approval to acquire its Norway-focused rival Songa Offshore in a $3.4 billion worth deal.

Transocean said on Thursday that at its extraordinary meeting of shareholders (“EGM”), all of the proposals related to the acquisition of Songa Offshore SE were approved.

“We are extremely pleased that shareholders have overwhelmingly approved our acquisition of Songa Offshore,” said Jeremy Thigpen, President and CEO. “With this acquisition, we add to our industry leading backlog, providing more visibility to future earnings and cash flows. As importantly, we enhance our industry leading harsh environment fleet in the midst of a strengthening global harsh environment market.”

As previously reported, the deal was first announced in August 2017, with total transaction value of approximately $3.4 billion, including premium, comprising: $1.7 billion net assumed Songa Offshore debt; $660 million estimated Transocean Inc. convertible bond; $540 million estimated Transocean Ltd. equity; $480 million estimated Transocean cash.

Transocean owns or has partial ownership interests in a fleet of 39 mobile offshore drilling units consisting of 26 ultra-deepwater floaters, seven harsh environment floaters, two deepwater floaters and four midwater floaters.

Songa Offshore fleet consists of 7 semi-submersible drilling rigs. Four hi-spec semis are under long term contracts with Statoil in Norway, while three older rigs are currently stacked.

Offshore Energy Today Staff

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