Transocean Ltd. announced that Transocean Ltd. along with Transocean Inc. (“Transocean”) received all required regulatory approvals and has commenced a compulsory acquisition of all shares in Songa Offshore SE (‟Songa Offshore”) that are not already owned by Transocean. Transocean expects to complete the compulsory acquisition by the end of the first quarter of 2018.

The subscription period in the compulsory acquisition commences on February 20, 2018, and expires at 6:59 p.m. EDT, 11:59 p.m. CET on March 20, 2018. Subject to restrictions under applicable securities laws, the prospectus will be available electronically on Clarksons Platou Securities’ website at: http://securities.clarksons.com and a notification will be sent to all Songa Offshore shareholders whose addresses are known. Transocean will pursue a delisting of the Songa Offshore shares from the Oslo Stock Exchange as soon as possible after the compulsory acquisition is complete.

The consideration for the compulsory acquisition will consist of a choice between:

A combination per Songa Offshore share of (i) 0.35724 newly issued Consideration Shares and (ii) USD 2.99726 principal amount of new exchangeable bonds, with up to NOK 125,000 being payable in cash based upon NOK 47.50; or
NOK 47.50 per Songa Offshore share in cash.
Songa Offshore shareholders who do not act on the offer by actively choosing a consideration will receive NOK 47.50 per Songa Offshore share in cash paid to their registered bank account.

About Transocean

Transocean (NYSE:RIG) is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of 47 mobile offshore drilling units consisting of 27 ultra-deepwater floaters, 12 harsh environment floaters, two deepwater floaters and six midwater floaters. In addition, Transocean has two ultra-deepwater drillships under construction or under contract to be constructed. The company also operates two high-specification jackups that were under drilling contracts when the rigs were sold, and the company continues to operate these jackups until completion or novation of the drilling contracts.