Transocean To Buy Norwegian Rig Firm Songa Offshore For $1.1B

Transocean To Buy Norwegian Rig Firm Songa Offshore For $1.1B
Transocean has agreed to buy Norwegian competitor Songa Offshore for $1.1 billion.

The latest deal comes at a time of upheaval in the industry, with rival deepwater rig firm Seadrill undergoing a restructuring of debt and liabilities amounting to some $14 billion, while newcomers such as Borr scoop up cheap assets.

Schlumberger, the world's top oilfield services provider, has taken a 20 percent stake in Borr, which plans to list on the Oslo exchange by the end of the third quarter.

Asked whether he saw more rig acquisition targets in Norway, Swedbank's Olsvik said: "Odfjell Drilling is an obvious (acquisition) target, but there are no such good matches as in the case of Transocean and Songa Offshore."

($1 = 7.9596 Norwegian crowns)

(Reporting by Terje Solsvik; Editing by Dale Hudson and Edmund Blair)


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