Seadrill to Launch Takeover Bid for Asia Offshore Drilling

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.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Orlando, FL
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours