Transocean Ltd. has announced that Transocean Ltd. along with Transocean Inc. received all required regulatory approvals and has commenced a compulsory acquisition of all shares in Songa Offshore SE 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.

Tags: Songa Offshore SE, Transocean Inc., Transocean Ltd.