Seadrill expects to proceed with the launch of a mandatory cash offer for the remaining shares of Asia Offshore Drilling Limited after acquiring more than 12 million shares of Asia Offshore Drilling's stock.
Seadrill disclosed late Thursday in a statement on the Oslo Stock Exchange that its acquisition of Asia Offshore Drilling's stock at $5/share (NOK28.71) has increased Seadrill's ownership of the company's share to 25.6 million, or 64.23 percent of the outstanding shares in the company.
"Such mandatory offer will be launched as soon as practically possible, within the time limits set out in Chapter 6 of the Norwegian Securities Trading Act," Seadrill said in a statement.
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