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Transocean gets approvals for acquisition of Cyprus offshore driller

Global offshore drilling company Transocean Ltd. obtained the necessary regulatory approvals to proceed with a compulsory acquisition of all Songa Offshore SE shares that it does not already own.

For each Songa Offshore share they hold, Songa Offshore shareholders will be given a choice between a combination of 0.35724 newly issued consideration share plus about $3 principal amount of new exchangeable bonds, or 47.50 Norwegian kroner in cash, according to a Feb. 20 news release.

The deal is scheduled for completion by the end of the first quarter. Songa Offshore is a Cyprus-based offshore drilling contractor with operations in the North Atlantic basin.

As of Feb. 19, US$1 was equivalent to 7.79 Norwegian kroner.