Transocean drilling deeper into offshore market

Transocean is planning to acquire its Norwegian competitor Songa Offshore in a deal valued at $1.2bn. The deal would strengthen Transocean’s position as a leader in harsh environment and ultra-deepwater drilling, increasing its fleet of offshore drilling rigs from 44 to 51.

Four of the Songo rigs would be for harsh environments and are already on long-term contracts for use by Norway’s Statoil.

The company also reports that the acquisition would increase its backlog of contracted drilling work by $4.1bn to a combined total of $14.3bn.