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Thursday, August 17, 2017
Transocean has entered a deal that will have it acquiring one of its competitors, Songa Offshore. Transocean will pay $1.1 billion underthe deal, which will be paid for mostly in shares and convertible bonds.
The offer values Songa’s shares at 47.50 Norwegian crowns each, a 39.7% premium over the closing price on August 14.
Shares in Songa surged 31% on news of the deal.
To close the deal Transocean will need at least 90% of Songa’s shareholders to agree, currently about 7% of the shareholders are onboard.
“Songa Offshore is an excellent strategic fit for Transocean,” Transocean Chief Executive Jeremy Thigpen said, adding the deal would increase Transocean’s order book by $4.1 billion to a total of $14.3 billion.
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