Rig operator pulls $200 million note offering

Rig operator Songa Offshore has become the latest European company to postpone its debt offering due to market volatility. The Norwegian firm said it has pulled its $200 million offering of senior notes because of a deadline it faces today, after which its Q3 2009 results will no longer be valid to access capital markets. The notes were expected to have a seven-year maturity and be guaranteed on a senior basis by subsidiaries.

Songa’s decision follows hot on the heels of SNAI and New World Resources, which claimed current market conditions were not conducive to pricing notes efficiently. Songa is currently preparing year-end financial statements and says it will determine whether or not to attempt to access markets again after that.