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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 Q2 ebitda in line with forecast
Friday, 25 Aug 2017 02:03am EDT 

Aug 25 (Reuters) - Songa Offshore Se :Songa offshore q2 ebitda $107 million (Reuters poll $107 million).Songa offshore q2 revenues $174 million (Reuters poll $174 million).As a result of increased tender activities and contract awards, the North Sea markets are beginning to tighten with operators preferring newer rigs.Sees an increased number of rigs being scrapped, a trend that is likely to continue through 2017 and 2018.  Full Article

Transocean to buy Songa Offshore
Tuesday, 15 Aug 2017 02:39am EDT 

Aug 15 (Reuters) - Songa Offshore Se :Agreement to combine with transocean through a recommended voluntary exchange offer.Announces an agreement with transocean ltd. ("transocean", nyse: "rig") whereby parties have agreed to seek to complete a business combination.Offer will be made for an offer price of nok 47.50 per songa offshore share.To be settled in shares, convertible bonds and cash.Consideration implies an equity value of songa offshore on a fully diluted basis of approximately nok 9.1 billion.Enterprise value of approximately nok 26 billion.Offer price represents a 39.7% premium to songa offshore's closing share price on 14 august 2017 and a 47.1% premium to three-month volume weighted average stock price on 14 august 2017.Terms of combination imply an exchange ratio between songa offshore and transocean of 0.7145.Intention is for combined company to establish a harsh environment center of excellence in norway.In addition to contributing approximately usd4.1 billion in backlog, transaction is expected to be immediately accretive to transocean's earnings.Combined company will have a fleet of 53 rigs, comprised of ultra-deepwater drillships, harsh environment semis and deep- and mid-water semisubmersibles, combined with 9000 employees.Perestroika as, songa offshore's largest shareholders, will through offer become transocean's largest shareholder, with a holding of shares and rights to shares equal to approximately 12%.  Full Article

Songa Offshore says it wins in DSME arbitrations
Friday, 21 Jul 2017 02:00pm EDT 

July 21 (Reuters) - Songa Offshore Se ::Win in DSME arbitrations.Tribunal has ruled in favour of Songa Offshore.Songa offshore will also evaluate pursuit of its counterclaims in respect to Songa Encourage and Songa Enabler.Considers tribunal's interim final award should be determinative of DSME's claims in respect of rigs with outcome that no payment to be due by co.  Full Article

Songa Offshore says issued 222,000 new shares at par value for delivery under long term incentive program
Thursday, 29 Jun 2017 11:05am EDT 

June 29 (Reuters) - Songa Offshore Se :Songa Offshore says issued 222,000 new shares at par value for delivery under the long term incentive program.Following the share issue, the number of ordinary shares in the company has increased to 129.8 million.  Full Article

Songa Offshore: Q1 EBITDA lags forecast, sees tough North Sea market in 2017
Friday, 12 May 2017 02:01am EDT 

May 12 (Reuters) - Songa Offshore Se :Songa offshore q1 revenues $154 million (Reuters poll $156 million) vs $137 mln in Q1 2016.Songa offshore q1 ebitda $83 million (Reuters poll $88 million) vs $71 mln in Q1 2016.Songa offshore q1 net result $5 million (Reuters poll $16 million) vs $10 mln in Q1 2016.Songa offshore se: the north sea rig utilization is projected to reach a historic low during 2017 but there are indications of increased operator interest, tender activities and contract awards.Has four rigs on long term contract with Statoil, while 3 rigs are idle.The aggregate contract backlog for the four Cat D rigs is estimated at USD 4.2 billion as of 31 March 2017, with another USD 7.7 billion worth of options.  Full Article

Songa Offshore issues new ordinary shares
Monday, 8 May 2017 10:48am EDT 

May 8 (Reuters) - Songa Offshore Se :Says the Company has received exercise of a total of 10,863,198 warrants and have today issued 10,863,198 ordinary shares in the company.Says Perestroika AS, represented on the board of Songa Offshore SE, has exercised all of their 9,472,483 warrants and after the transaction, Perestroika AS, including related parties, owns 59,567,340 shares.Says the number of ordinary shares in the Company has increased to 124,168,710.  Full Article

Songa Offshore: Songa Enabler back on operating rate on March 4
Monday, 6 Mar 2017 02:00am EST 

Songa Offshore SE said in an update on its drilling rig fleet utilization in February: Songa Equinox achieved an operating efficiency of 100 pct and an earnings efficiency of 100 pct for the month . Songa Endurance achieved an operating efficiency of 100 pct and an earnings efficiency of 99 pct for the month . Songa Encourage achieved an operating efficiency of 81 pct and an earnings efficiency of 81 pct for the month, after returning to operations on Feb. 6 . Equinox, Endurance and Encourage were employed by Statoil . Songa Enabler achieved an operating efficiency of 75 pct and an earnings efficiency of 75 pct for the month . The rig was suspended during February and back on operating rate on March 4. It was previously expected to commence operations on April 1. .Songa Delta, Songa Dee and Songa Trym are stacked and marketed for new employment.  Full Article

Songa Offshore q4 EBITDA as expected, makes new impairments
Friday, 24 Feb 2017 02:18am EST 

Rig firm Songa Offshore Se : Songa offshore q4 revenues $187 million (Reuters poll $185 million) . Songa offshore q4 ebitda $107 million (Reuters poll $104 million) . The north sea rig utilization will reach a historic low during 2017, there are indications of increased operator interest and tender activities . Songa offshore q4 net result $-36 million (Reuters poll $29 million) . An impairment loss of USD 26.7 million was recognised in fourth quarter 2016, primarily related to Songa Dee and Songa Trym, reflecting the continued challenging drilling market, while certain financial assets, related to the sale of Songa Mercur and Songa Venus to Opus Offshore, were impaired by USD 18.1 million reflecting increased risk associated with collective amounts owed to Songa Offshore . As for the Songa Enabler, we are pleased that Statoil has accelerated the start-up from the suspension period from 1 April to early March, and we look forward to having all four Cat D rigs on operating rate again .Three rigs, Songa Delta, Songa Dee and Songa Trym are currently not employed.  Full Article

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

BRIEF-Transocean to buy Songa Offshore

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