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18 August 2017

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Transocean to acquire Songa Offshore

Transocean has agreed to acquire the entire share capital of Songa Offshore , under a transaction estimated at around $3.4 billion.
The combination of Songa Offshore and Transocean is a strategic fit,” said Frederik W. Mohn, chairman of Songa Offshore. “By adding Songa Offshore’s Semi-Submersible Oil Rigs (SSDR) to Transocean’s existing harsh environment fleet, the combined company will be the leader within this segment which is showing signs of recovery.”

Transocean CEO Jeremy Thigpen added: “The acquisition will strengthen Transocean’s position as the leading offshore driller with exposure to deep- and harsh-water markets. Upon closing, Transocean will add four high-specification harsh environment floaters, in addition to three legacy mid-water harsh environment rigs…”

Assuming shareholder approval for the transaction, Mohn will be nominated to serve as director on the Transocean board.


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