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Songa Offshore SE (SONG.OL)

SONG.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Songa Offshore dismisses 65 workers amid oil strike, could escalate to 430 workers
Friday, 30 Sep 2016 01:30am EDT 

: The Norwegian oil rig firm says as a consequence of the rigs going out of operations amid the current oil service strike in Norway, the firm is reducing offshore manning to the Safety Crew Level and 65 offshore employees have to date received notice of temporarily dismissal . Says another 365 planned, which brings the total number up to 430 employees . Says is not represented by Norsk Olje and Gass and as such not directly part of the conflict, the firm is however, impacted as a number of its rigs have been taken out of operations when Statoil's operations have been affected by the strike . Songa Endurance, Songa Equinox and Songa Enabler is out of operations and on Force Majeure rates . Songa Encourage is in operation but expected to be impacted by the conflict in the first half of October .Songa Delta is currently not expected to be impacted by the conflict.  Full Article

Songa Offshore q2 EBITDA above forecast, takes impairments in weak market
Friday, 26 Aug 2016 02:26am EDT 

Rig firm Songa Offshore Se : Songa Offshore q2 ebitda $127 million (Reuters poll $115 million) vs $60 mln in q2 2015 . Songa Offshore q2 revenues $200 million (Reuters poll $197 million) vs $122 mln in q2 2015 . Says higher revenues is reflecting Songa Encourage operations from 11 April and higher Songa Equinox and Songa Endurance earnings efficiencies . Songa Offshore takes $118 million impairments in q2, reflecting the continued challenging market on both the NCS and in the UK . Songa Dee was impaired with USD 46.6 million, Songa Delta with USD 45.5 million and Songa Trym with USD 25.9 million . Songa offshore q2 net loss $86 million (Reuters poll $45 million profit) vs $17 mln in profit in q2 2015 . Says continues to be of the view that 2016 and 2017 will be two challenging years for the industry . Says North Sea drilling market very challenging with limited tenders . The aggregate contract backlog for the four Cat D rigs (which are all on contracts with Statoil), is estimated to be $4.9 billion as of 30 June 2016, with another $7.9 billion worth of options .Songa Offshore has a fleet of seven rigs.  Full Article

Statoil to drill new wells at Arctic gas field
Tuesday, 9 Aug 2016 02:37am EDT 

Statoil Asa : statoil: drilling for replenishment of its Arctic Snoehvit gas . Songa Enabler drilling rig has started drilling a new injection well for CO2 gas on Snoehvit field off coast of Hammerfest . After new CO2 injector is installed, rig will move on to drill first new production well at Snoehvit since field came on stream in 2007. Drilling campaign is planned to last until Christmas .The next big development step for Hammerfest LNG is the development of the Askeladd field, which is part of the plan for development and operation of the Snoehvit licence. It is expected to come on stream in 2020/2021. This development step will help ensure full utilisation of the capacity at Hammerfest LNG.  Full Article

Songa Offshore raised NOK 212.7 mln in share sale
Tuesday, 14 Jun 2016 02:59am EDT 

Songa Offshore Se : Says subscription period in subsequent share offering expired on 13 June . Says offering was fully subscribed. As a result, songa offshore will issue 1,418,100,000 shares at nok 0.15 .Says raised gross proceeds of NOK 212,715,000.  Full Article

Songa Offshore completes share capital reduction
Monday, 6 Jun 2016 10:05am EDT 

Songa Offshore Se : Reference is made to previous stock exchange announcements by Songa Offshore SE regarding the subsequent offering andlisting of up to 1,418,100,000 shares and the refinancingannounced on 15 March 2016. . The Company has sought to carry out a reduction in the nominal value of the Company's ordinary shares from EUR0.11 to EUR 0.001, by way of a reduction of share capital without distribution. . The nominal value and capital reduction have now been completed. . The subscription period for the Subsequent Offering commenced on 30 May 2016 and expires at 16:30 hours, Oslo time, on 13 June 2016. .The Subsequent Offering is managed by ABG Sundal Collier ASA and Swedbank..  Full Article

Songa Offshore Q1 EBITDA beats expectations
Friday, 27 May 2016 02:00am EDT 

Songa Offshore : Q1 revenues $137 million (Reuters poll $132 million) vs $108 million in Q1 2015 . Q1 ebitda $71 million(Reuters poll $59.3 million) vs $54 million in Q1 2015 . Says north sea drilling market continues to be very challenging with a limited number of tenders in the NCS and UK markets . Says continues to be of the view that 2016 and 2017 will be two challenging years for the industry . Says visibility is still low and the competition for the few tenders in the market is fierce . Says the aggregate contract backlog for the four cat d rigs is estimated to be usd 5.1 billion as of 31 march 2016 . Backlog of $5.1bn and further $7.9bn in options .Songa Offshore has now taken delivery of all four Cat D rigs (at Statoil contracts). Three rigs have commenced drilling operations while the fourth rig, Songa Enabler, is expected to commence its drilling contract in August.  Full Article

Songa Offshore: $125 million convertible bond offering completed
Thursday, 7 Apr 2016 02:00am EDT 

Songa Offshore SE:Has successfully completed a $125 million convertible bond offering which is the maximum amount in the range communicated on March 30.The New Convertible Bond will be denominated in USD and issued by the company as subordinated unsecured debt with maturity in 2022.The strike price will be 15 pct above the reference price set at NOK 0.15 per share.In addition, each investor allocated an amount in the New Convertible Bond will receive warrants at the new par value for shares (EUR 0.001) in the company in an amount of 1,701,720 for each USD 100,000 of allocation, exercisable 12 to 36 months after issue.The New Convertible Bond will have semi-annual coupon payments of 2 pct per annum.ABG Sundal Collier ASA and Swedbank Norge, branch of Swedbank AB (publ.), are acting as joint lead managers and bookrunners for the New Convertible Bond and are acting as financial advisors to the company in connection with the announced refinancing.  Full Article

Songa Offshore takes delivery of Songa Enabler
Thursday, 31 Mar 2016 02:22am EDT 

Songa Offshore SE:Says has today taken delivery of Songa Enabler from Daewoo Shipbuilding & Marine Engineering (DSME) in Korea.Songa Enabler will shortly depart South Korea en route to Norway for commencement of an eight-year drilling contract with Statoil, with the first assignment on the Snøhvit field.Commencement of drilling operations is expected to take place in Q3 2016.  Full Article

Songa Offshore starts book building for $100-$125 mln convertible bond offering
Wednesday, 30 Mar 2016 01:30am EDT 

Songa Offshore SE:Announces $100 - 125 million convertible bond offering.Bond offering is according to the comprehensive refinancing announced on March 15.Says company has received irrevocable undertakings to vote in favour of refinancing amounting to 71 pct, 72 pct and 78 pct of voting bonds in Song04, Song05 and Song06 respectively.Says company's majority shareholder Perestroika and certain other shareholders have confirmed that they will vote in favour of required resolutions at EGM.The New Convertible Bond will be denominated in USD and issued by the company as subordinated unsecured debt with a six-year tenor.The strike price will be 15 pct above the reference price set at NOK 0.15 per share.Says bookbuilding period for new convertible bond will take place from March 30 at 09:00 hours (cet) to 18:00 hours (cet) April 6.ABG Sundal Collier ASA and Swedbank Norge are acting as joint lead managers and bookrunners for the New Convertible Bond and are acting as financial advisors to the company in connection with the Refinancing.  Full Article

Songa Offshore submits counterclaims of $65.8 mln
Monday, 21 Mar 2016 03:02am EDT 

Songa Offshore SE:On March 18 the company submitted its defence in the arbitrations initiated by DSME in 2015, regarding the first two Cat DS rigs, Songa Equinox and Songa Endurance.As previously informed, DSME's claim relates to alleged cost overruns and additional work in relation to the Rigs due to what DSME alleges were inherent errors and omissions in the design documents.On March 18 Songa Offshore submitted counterclaims in respect of the Rigs for the aggregate amount of $65.8 million, by means of which Songa Offshore intends to recover damages caused by the default of DSME.As also previously reported, Songa Offshore will vigorously defend the claims asserted by DSME.Says considers that DSME is solely responsible for the delays to the Rigs and any attempt by DSME to recover cost overruns has no merit due to the "turn-key" nature of the construction contracts.Further details will be provided as and when appropriate.  Full Article

BRIEF-Transocean to buy Songa Offshore

* Agreement to combine with transocean through a recommended voluntary exchange offer