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.
WHAT DO YOU THINK?
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.
- Seadrill's Debt Overhaul Faces Creditor Scrutiny (Oct 02)
- Seadrill Files for Bankruptcy in Bid to Shrink Debt Burden (Sep 13)
- Seadrill Warns Again Of Chapter 11 As Extends $14B Debt Talks (Jul 26)
Company: Sevan Drilling more info
- Sevan Drilling, Cosco to Defer Delivery of Sevan Developer to Mid-October (Apr 15)
- Sevan Drilling Exercises Option to Defer Delivery of Sevan Developer (Nov 03)
- Cosco, Sevan Drilling Agree to Extend Delivery Date for Sevan Developer (Oct 17)