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...]