Transocean Shares Take a Beating Over Songa Offshore Deal

By David Wethe and Joe Carroll (Bloomberg) -- Transocean Ltd. dropped to the lowest in more than two decades as investors panned its deal to buy Songa Offshore SE in the biggest offshore drilling industry deal since oil prices collapsed three years ago. The enterprise value is about $3.4 billion, half of which is Songa debt assumed by the combined entity, the companies said. … [Read more...]

Transocean’s Songa Offshore Deal Is Biggest in Oil Downturn

By Mikael Holter and David Wethe (Bloomberg) -- Transocean Ltd. agreed to buy Songa Offshore SE in the biggest offshore drilling industry deal since oil prices collapsed three years ago. The enterprise value is about $3.4 billion, half of which is Songa debt assumed by the combined entity, the companies said. The 47.5 kroner ($5.96) a share offer implies an equity value for … [Read more...]

Transocean to Buy Norwegian Rig Firm Songa Offshore for $1.1 Billion

By Terje Solsvik OSLO, Aug 15 (Reuters) - Transocean, one of the world's biggest drilling rig operators, has agreed to buy Norwegian competitor Songa Offshore for 9.1 billion crowns ($1.1 billion), the latest in a series of transactions reshaping the industry. The purchase, to be mostly paid for in shares and convertible bonds, follows Ensco Plc's acquisition of smaller … [Read more...]

Songa Offshore Anticipates Stacking More Rigs

OSLO, Feb 20 (Reuters) - Norwegian rig company Songa Offshore expects a challenging 2015 amid fierce competition for fewer contracts despite reporting a slightly better than expected fourth-quarter operating loss on Friday. Rig operators are suffering in an already oversupplied market, with oil firms delaying or cancelling projects to save cash after a 10-year spending spree … [Read more...]

Statoil Suspends Two More Rigs Offshore Norway

For the Transocean Spitsbergen and the Songa Trym, 2014 will end mid-November. Due to overcapacity in Statoil's rig portfolio, the company has decided to take these two new rigs offline for the rest of the year and possibly into 2015, according to a statement released on Thursday.  Statoil’s chief procurement officer Jon Arnt Jacobsen notes that part of the reason for early … [Read more...]