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Oil & Gas Drilling

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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.

North Atlantic Drilling says amended revolving credit facility provided by Seadrill Limited

Monday, 31 Jul 2017 12:23am EDT

July 31 (Reuters) - North Atlantic Drilling Ltd - :North Atlantic Drilling - amended revolving credit facility provided by Seadrill Limited, its majority shareholder, to mature on September 12, 2017.North Atlantic Drilling Ltd - interim funding arrangement has been put in place while broader restructuring negotiations continue at both companies.

Seadrill extends restructuring plan to Sept 12, repeats minimal recovery to current shareholders

Wednesday, 26 Jul 2017 01:16am EDT

July 26 (Reuters) - Seadrill Ltd :Reg-Sdrl - amendments to secured credit facilities.It has reached an agreement with its bank group to extend comprehensive restructuring plan negotiating period until 12 September 2017 vs earlier until July 31 2017.Company has also received lender consent to extend maturity date under us$400 million credit facility from 31 august 2017 until 14 September 2017.Extension will become effective upon satisfaction or waiver of customary conditions precedent.In relation to west eminence facility, company has received support of lenders representing 84% of exposure under us$450 million credit facility maturing on 15 august 2017 ( "us$450m facility") to extend maturity date under us$450m facility to 14 September 2017.Is in advanced discussions with certain third party and related party investors and its secured lenders on terms of a comprehensive recapitalization, which remain subject to further negotiation, final due diligence, documentation and requisite approvals.As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve chapter 11 proceedings.It is likely that comprehensive restructuring plan will require a substantial impairment or conversion of our bonds, as well as impairment and losses for other stakeholders, including shipyards.As a result, company currently expects that shareholders are likely to receive minimal recovery for their existing shares.

Seadrill Partners eyes agreement with banks during June

Wednesday, 24 May 2017 08:39am EDT

May 24 (Reuters) - Seadrill Partners LLC :Says discussions with its lending banks are well advanced and they are targeting execution of an agreement during June 2017, prior to implementation of broader Seadrill Limited restructuring.Says plans to make a decision regarding the distribution to its members when the agreement is reached.Says plans to maintain its current distribution level once an agreement is reached with its lending banks.Seadrill Partners has deferred its first quarter 2017 distribution decision until an agreement is reached with its lending banks to insulate itself from potential events of default by Seadrill Limited should Seadrill Limited require the use of in court processes, such as schemes of arrangement or chapter 11 proceedings, to implement its restructuring.

Seadrill Partners eyes agreement with banks during June

Wednesday, 24 May 2017 08:39am EDT

May 24 (Reuters) - Seadrill Partners LLC :Says discussions with its lending banks are well advanced and they are targeting execution of an agreement during June 2017, prior to implementation of broader Seadrill Limited restructuring.Says plans to make a decision regarding the distribution to its members when the agreement is reached.Says plans to maintain its current distribution level once an agreement is reached with its lending banks.Seadrill Partners has deferred its first quarter 2017 distribution decision until an agreement is reached with its lending banks to insulate itself from potential events of default by Seadrill Limited should Seadrill Limited require the use of in court processes, such as schemes of arrangement or chapter 11 proceedings, to implement its restructuring.

Seadrill q1 EBITDA above forecast, keeps restructuring talks

Wednesday, 24 May 2017 02:24am EDT

May 24 (Reuters) - Rig firm Seadrill Ltd ::Seadrill q1 ebitda $291 million (Reuters poll $271 million).Seadrill q1 revenues $569 million (Reuters poll $551 million).Seadrill limited's order backlog $3.4 billion at end-q1 versus $2.5 billion at end-q4.Seadrill ltd: our priority continues to be to implement our restructuring plan with right structure and terms for our stakeholders.Seadrill ltd: ebitda will be lower for the second quarter, at around $240 million.Seadrill ltd: the company is now in advanced discussions with certain third party and related party investors and its secured lenders on the terms of a comprehensive recapitalization.While discussions with secured lenders and certain investors have advanced significantly, a number of important terms continue to be negotiated and no assurance can be given that an agreement will be reached.As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve schemes of arrangement or chapter 11 proceedings, and we are preparing accordingly.Seadrill ltd repeats currently expects that shareholders are likely to receive minimal recovery for their existing shares.In April, the Company reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until 31 July 2017.Net interest bearing debt $8.2 bln at end Q1 vs $8.5 bln at end q4 2016.

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