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Transocean acquires Songa - Buying Norwegian Dominance

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On the 15th August Transocean ("RIG") made a Voluntary Exchange Offer to acquire 100% of issued and outstanding shares of Songa Offshore SV("Songa") in a deal valued at US$3.4 billion. Transocean will acquire seven additional semisubmersible rigs of which four are under long term contract with Statoil in Norway adding US$4.1billion in backlog through 2024. The transaction expected to close in Q4 will further solidify Transocean's leading position for harsh environment drilling. Here we present the details of the transaction and our view on what this means for the world's largest offshore drilling contractor.

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    Transocean acquires Songa - Buying Norwegian Dominance

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This report includes 3 images and tables including:

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  • Figure 1: Combined backlog
  • Figure 2: Combined fleet profile
  • Figure 3: Transaction details

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