Transocean LTD (NYSE:RIG) Gets Regulatory Approval to Acquire Balance Shares in Songa Offshore SE (OTCMKTS:SGAZF)

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Transocean LTD (NYSE:RIG) and Transocean Inc. (Transocean) have received regulatory approval to acquire the remaining shares in Norway based Songa Offshore SE (OTCMKTS:SGAZF). Transocean is expected to complete the transaction in Q1, 2018.

The quarterly fleet status report as well as 10-K filings of Transocean are incorporated in the supplementary prospectus. The Financial Supervisory Authority of Norway has granted the approval for the supplementary prospectus of Transocean.

The Songa Offshore SE’s shareholders, who have opted for the new exchangeable bonds and new consideration shares in the compulsory takeover before publishing the supplemental prospectus are allowed to withdraw their subscription by 11:59 PM CET, 6:59 PM EDT on March 12, 2018. The shareholders can contact the Clarksons Platou Securities AS for withdrawal on or before March 12, 2018.

After completing the compulsory takeover, Transocean will consider delisting the shares of Songa Offshore SE from Oslo Stock Exchange.

The following choices are offered in the compulsory takeover:

  • Each Songa Offshore SE share can be offered for the consideration of NOK 47.5 in cash.

or

  • A combination of US$2.99726 principal amount for the newly exchangeable bonds that amounts to approximately NOK 125,000 in cash and 0.35724 newly issued shares. The share price of Songa Offshore is fixed at NOK 47.5 for cash consideration.

However, the shareholders, who have not exercised any of the option mentioned above, will receive the cash in their account with each Songa Offshore share valued at NOK 47.50.

Brief Information about Transocean

Transocean is engaged in providing offshore contract drilling services for gas and oil wells across the world. The company has got expertise in harsh environment and deep water drilling services.

The company conducts its business operations through twelve harsh environment floaters, twenty seven ultra deep water floaters, 6 mid water floaters and two deep water floaters. It is also constructing 2 ultra deep water drill ships.

Brief Information about Songa Offshore SE

The mid water drilling contractor – Songa Offshore has a strong footprint in North Atlantic basin. The company’s headquarters are situated in Limassol, Cyprus. The company conducts its business operations through seven mid water semi submersibles.

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