Transocean Ltd. agreed to buy Songa Offshore SE in the biggest offshore drilling industry deal since oil prices collapsed three years ago.
The enterprise value is about $3.4 billion, half of which is Songa debt assumed by the combined entity, the companies said. The 47.5 kroner ($5.96) a share offer implies an equity value for Norway’s Songa of about $1.2 billion. The transaction, pre-accepted by 77 percent of Songa investors, will be settled in shares, cash and a convertible bond. Transocean shares fell on the news.
Brazil Energy Insight 
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