Transocean wrapped up its $3.4 billion acquisition of Songa Offshore, buying
97.5% of Songa shares, and will initiate a compulsory acquisition of the remainder.
The transaction completes 12 months of transition for Transocean’s fleet.
Switzerland-based Transocean has focused on Songa’s four harsh environment
rigs, which have $4.1 billion in contract backlog. Harsh environment
rigs are in high
demand off Norway, the UK and the
Canadian east coast, CEO Jeremy Thigpen
has said. With Songa’s backlog added, the
combined company should have a backlog
of......
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