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Transocean acquires Songa - Buying Norwegian Dominance

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16 August 2017

Transocean acquires Songa - Buying Norwegian Dominance

Report summary

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.

Table of contents

  • The Transaction
  • Positioning for Norway
  • The Second Major Consolidation of 2017

Tables and charts

This report includes 3 images and tables including:

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

What's included

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  • Document

    Transocean acquires Songa - Buying Norwegian Dominance

    PDF 287.13 KB

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