Songa Offshore Se News

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P., announced today that Jan Rune Steinsland has been appointed the new Chief Financial Officer (CFO) of Teekay Offshore Group Ltd., a management services company that provides services to the Partnership’s subsidiaries (together with the Partnership, the Teekay Offshore Group) effective September 3, 2018. The Partnership’s interim CFO, Tim Cowan, will step down effective September 3, 2018, but will remain with the Partnership for a period of time to ensure a smooth transition.Steinsland brings approximately 30 years of energy and offshore industry experience, including most recently serving as CFO of drilling contractor Songa Offshore SE…

Transocean Ltd. announced today that it completed the previously announced compulsory acquisition of the remaining outstanding shares of Songa Offshore SE.   All remaining shares in Songa Offshore were transferred to Transocean in accordance with the terms and conditions of the compulsory acquisition.    Transocean then settled the compulsory acquisition by delivering Consideration Shares, Exchangeable Bonds and cash consideration, as applicable, to Songa Offshore shareholders. Songa Offshore’s shares remained listed on the Oslo Stock Exchange through March 28, 2018.

Bjørnar Iversen, CEO of Songa Offshore SE, has resigned effective 6 March 2018 said a single sentence press statement from the company. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, said the statement. Before joining the company in June 2013, Iversen was a member of the executive leadership team at Odfjell Drilling AS. During his 17 year's tenure at Odfjell Drilling, he has been executive vice president for Corporate Business Development, Odfjell Drilling Technology and Odfjell Well Services. His latest position was President and CEO of Odfjell Galvao Ltda in Brazil.

Norway's Songa Offshore SE referred Tuesday to its announcement July 15 regarding the receipt of notices of arbitration from South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) in respect of the construction contracts for the Cat D rigs. On November 16, 2015, Songa Offshore received claim submissions from DSME related to Songa Equinox, the first Cat D rig, in which DSME asserts a claim of USD 179 million, along with a request for repayment of liquidated damages in a total amount of USD 22 million. The claim that is asserted relates to alleged cost overruns and additional work in relation to Songa Equinox rig due to what DSME alleges were inherent errors and omissions in the design documents (as often referred to as the FEED package).

Songa Offshore SE  announced  that the maturity of the fleet financing of Songa Dee, Songa Delta and Songa Trym has been extended from fourth quarter 2016 to first quarter 2018 when it will mature with a balloon of USD 25 million. The amendment also includes alignment of certain financial covenant with the rest of the Company`s financing arrangements and an extraordinary upfront repayment of USD 35 million. In parallel, the Company has entered into a term sheet for a new credit facility from the main shareholder, Perestroika AS, of USD 50 million. The new credit facility has maturity in April 2021, but can be called by Perestroika AS in June 2018. It is unsecured and bears an interest rate of LIBOR plus 8.00%.

Norsafe received orders worth NOK 400-million (US$ 45.3-million) over the course of October 2012, & backlog at record height. "It is Norsafe’s newly developed GES50 MKIII freefall lifeboat which accounts for the bulk of these orders," says CEO Geir Skaala, adding that the international demand for this product is fantastic. GES50 MKIII (Gravity Escape System) is certified according to the DNV-OS-E406, the world's strictest requirements for freefall lifesaving systems, applicable on the Norwegian continental shelf from 2015.

‘Full Picture’ delivery for two advanced new semi-submersibles. Kongsberg Maritime has been awarded a significant offshore automation contract with Daewoo Shipbuilding & Marine Engineering (DSME). The contract covers the delivery of Kongsberg Maritime’s proven Dynamic Positioning, thruster control, bridge navigation, vessel automation, safety, riser management and environmental monitoring systems to two semi-submersible drilling rigs (Cat-D). The two new build high specification…