Purchase of remaining shares in Songa Eclipse Limited
(Thomson Reuters ONE) -
Reference is made to the press releases sent out by Songa Offshore SE ("Songa"
or the "Company") on 24 March 2010 and 25 January 2011 regarding its ownership
in Songa Eclipse Limited ("Songa Eclipse"). Songa Eclipse Limited owns a 6th
generation Friede & Goldman ExD ultra-deepwater semi-submersible drilling rig
(the "Rig") under construction at Jurong Shipyard Pte Ltd, Singapore with
scheduled delivery in August 2011.
Songa is pleased to announce that it has entered into an agreement with the
minority shareholders in Songa Eclipse to acquire the remaining 48.1% stake,
following which Songa will have obtained 100% ownership. The transaction is
expected to be completed at delivery of the Rig, subject to inter alia Songa
securing the necessary take-out financing. The sellers of the shares are sub-
funds of Sector Umbrella Trust managed by Sector Omega ASA (35.1%) and Pareto
World Wide Offshore AS (13.1%) (the "Sellers").
Under the terms of the agreement, Songa will acquire the shares for USD 65
million as well as a conditional bonus payment to be made within 18 months from
delivery of the Rig.
The conditional bonus payment will be calculated on the basis of the Rig's fair
market value at the time of notice by the Seller less the purchase price already
paid by Songa.
This new agreement enables Songa to optimize the financing of Songa Eclipse as a
100% owner, and replaces the current agreement between Songa and the Sellers, as
described in the press release sent out by Songa on 24 March 2010. Songa is in
the process of financing the rig with its existing banking group, and expects to
get this in place prior to delivery of the Rig.
Through this transaction, Songa has obtained full ownership of its first modern
ultra-deepwater semi-submersible Rig and should be seen as part of the Company's
overall strategy to renew its fleet. Songa has been able to secure this position
within 16 months from the initial investment, with a gradually increasing
ownership. The weighted average total rig cost for Songa before the remaining
bonus payment is estimated to be USD 660 million.
Limassol, 25 July 2011
Questions should be directed to:
Geir Karlsen, CFO +47 23 01 14 24 / +47 91 60 83 32
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Songa Offshore SE via Thomson Reuters ONE
[HUG#1533093]
Unternehmensinformation / Kurzprofil:
Datum: 25.07.2011 - 08:58 Uhr
Sprache: Deutsch
News-ID 56668
Anzahl Zeichen: 3081
contact information:
Town:
Oslo
Kategorie:
Business News
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"Purchase of remaining shares in Songa Eclipse Limited"
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Songa Offshore SE (Nachricht senden)
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