US-listed Transocean says the financial strength in its move to acquire Oslo-listed Songa Offshore this week lays the groundwork for more purchases in the sector crisis.
Songa’s overwhelming appeal for Transocean is four high-specification rigs, with long-term contracts worth $4.1bn for the firm periods alone, not counting another $7.7bn in 16 years of options.
Blue-chip client Statoil makes the firm contracts almost ironclad in a downturn littered with terminations and rate renegotiations.
