Swiss offshore drilling contractor Transocean reached an agreement with Norwegian-Cypriot offshore drilling contractor Songa Offshore to acquire 100 percent of Songa Offshore shares, Transocean said on Tuesday.
The total transaction value is approximately $3.4 billion, including the premium.
Transocean expects to close the transaction during the fourth quarter of 2017.
"The transaction strengthens Transocean’s industry-leading position with the addition of Songa Offshore’s four “Cat-D” harsh environment, semisubmersible drilling rigs on long-term contracts with Statoil in Norway," the company said.
Songa Offshore’s fleet also includes three additional semisubmersible drilling rigs.
The combined company will operate a fleet of 51 mobile offshore drilling units with a backlog of $14.3 billion consisting of 30 ultra-deepwater floaters, 11 harsh environment floaters, three deepwater floaters and seven midwater floaters.
By Zeynep Beyza Kilic
Anadolu Agency
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