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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%.

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%.

Transocean Ltd Q2 loss per share $4.32

Wednesday, 2 Aug 2017 04:18pm EDT

Aug 2 (Reuters) - Transocean Ltd :Transocean ltd. reports second quarter 2017 results.Q2 revenue $751 million versus $785 million.Q2 loss per share $4.32.Transocean Ltd - qtrly ‍net loss attributable to controlling interest was $4.32 per diluted share​.Transocean Ltd - ‍contract backlog was $10.2 billion as of july 2017 fleet status report.​.Transocean Ltd - qtrly total drilling fleet utilization 44% versus 47%‍​.Transocean - qtrly ‍adjusted net income $1 million, excluding $1.691 billion items related to previously announced $1.597 billion loss on jackup fleet​ divestiture.

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