Transocean in $1.1 billion deal to buy Norwegian rig firm Songa Offshore
OSLO (Reuters) - Drilling rig operator Transocean (RIG.N)(RIGN.S) has agreed to buy competitor Songa Offshore (SONG.OL) in a deal valuing the Oslo-listed firm at 9.1 billion Norwegian crowns ($1.14 billion), the two companies announced on Tuesday.
Including debt, the transaction sets Songa's enterprise value at 26.4 billion crowns.
The transaction, which mostly consists of shares and convertible bonds, would make top Songa owner Perestroika the largest shareholder of Transocean with a stake of about 12 percent, the firms said.
($1 = 7.9596 Norwegian crowns)