Songa Offshore

Songa Offshore SE is a European offshore drilling contractor founded in 2005 with offices in Cyprus, Stavanger, Oslo, Houston, Kuala Lumpur, Aberdeen, and Singapore.

Songa Offshore SE
TypeSocietas Europaea
IndustryOffshore services
FoundedOslo, Norway (2005 (2005))
Headquarters
Limassol
,
Cyprus
Key people
Bjørnar Iversen (CEO)
ServicesOffshore drilling
Revenue420,000,000 US dollar (2019)
87,505,000 US dollar (2019)
34,450,000 US dollar (2019)
OwnerAntonis Sfakianakis (54,35%)
Number of employees
350 ±150 
ParentTransocean
Websitewww.deepwater.com
Songa Mercur
Songa Delta as Deepsea Delta in 2006

History

Songa Offshore AS was founded in January 2005 with the purchase of the two semisubmersibles, Mata Redonda and La Muralla. Mata Redonda was renamed Songa Venus and La Muralla was renamed Songa Mercur.

Songa Offshore was listed on the Oslo Stock Exchange 26 January 2006. In May 2009 Songa Offshore SE was redomiciled to Cyprus, and it is registered in Limassol, Cyprus.

Songa Offshore bought the Songa Dee from Stena Offshore in June 2006. After that Songa Trym (2006) and Songa Delta (2008) was bought from Odfjell Drilling.

Songa Offshore SE will after the delivery of the four new Category D Rigs delivered in 2015 From the DSME yard in Korea, be the largest semi submersible drilling contractor on the Norwegian Continental Shelf (NCS) with seven drilling units in operation, all to Statoil.

In 2013 the company changed out the management of the company and Mr. Bjørnar Iversen became CEO of the company and the company went true a significant restructuring where Mr. Frederik Wilhelm Mohn became the majority shareholder. The restructuring of Songa Offshore SE was elected by Marine Money Conference to be the offshore restructuring deal of the year 2013, world wide.

The company changed the strategy in 2013 to focus on the harsh environment North Atlantic mid-water market and sold the South East Asia rigs, Songa Mercur and Songa Venus, to Opus Offshore in July 2014.

The company stands today out as a focused and leading player in the North Atlantic drilling market.[1]

Transocean Acquisition

On August 15, 2017, Transocean announced it was acquiring Songa Offshore for US$1.2 billion in cash, and an enterprise value of approximately US$3.4 billion .[2] The complete transfer of business to Transocean was done by January 30, 2018.[3]

Operations

Songa Offshore operates three semi-submersibles, with an additional four units on order.

  • Songa Dee
  • Songa Delta
  • Songa Trym
  • Songa Equinox (Cat D-1) - Delivered
  • Songa Endurance (Cat D-2) - Delivered
  • Songa Encourage (Cat D-3) Delivered
  • Songa Enabler (Cat D-4) - under construction

In 2014, Songa Offshore sold Songa Venus and Songa Mercur rigs to Opus Offshore as a part of the deal creating Songa-Opus joint venture Songa Opus Offshore Drilling Pte Ltd (SOOD) that incorporates Songa's international operations.[4] Ordered Cat D rigs will be delivered in 2015. All of them, being built by Daewoo Shipbuilding & Marine Engineering, will are chartered by Statoil.[5][6] These rigs are designed to drill at mature oil fields off Norway.[7][8]

References
  1. Treloar, Stephen (2013-08-26). "Songa Slumps as Delays, Funding Hole Dent Prospects: Oslo Mover". Bloomberg. Retrieved 2014-06-16.
  2. http://www.deepwater.com/news/detail?ID=2293861
  3. http://www.deepwater.com/news/detail?ID=2329262
  4. Marshall, Steve (2014-04-25). "Songa sells pair of rigs". Upstream Online. NHST Media Group. (subscription required). Retrieved 2014-06-16.
  5. Bradbury, John (2013-11-25). "Songa Offshore seeks new $2.5 bn refinance for Cat D rigs". Offshore.no. Retrieved 2014-06-16.
  6. "Songa and Statoil facing wait for new Cat D rigs". Upstream Online. NHST Media Group. 2014-05-28. (subscription required). Retrieved 2014-06-16.
  7. Holter, Mikael (2012-11-15). "Statoil's Tailored Oil Rigs to Help Curb Rising Fees, Lobby Says". Bloomberg. Retrieved 2014-06-16.
  8. Fouche, Gwladys (2011-07-05). "Statoil orders 2 drilling rigs for $2.5 bln". Reuters. Retrieved 2014-06-16.
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