Seadrill Gains Majority Control of Sevan Drilling

Seadrill Limited acquired majority control of Sevan Drilling ASA after purchasing an additional 116,934,875 shares in the Norwegian drilling contractor.

Seadrill had issued a mandatory notification of trade regarding purchase of shares in Sevan Drilling ASA June 26 and bought the additional shares at a price of $0.6482 (NOK 3.95) per share June 27.

With the latest purchases, Seadrill now owns (including shares purchased under forward agreements) 297,893,964 shares in Sevan Drilling, or the equivalent of 50.1 per cent of the shares and the votes in the latter.

Seadrill intends to submit a mandatory offer for all shares outstanding in Sevan Drilling pursuant to section 6 of the Norwegian Securities Act, the company said in a press release, adding that the information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Sevan Drilling is an international drilling contractor specializing in the ultra deepwater segment, with the company owning rigs of the cylindrical Sevan design.


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