Seadrill Launches Mandatory Offer for Sevan Drilling Shares

Contract rig firm Seadrill announced late Wednesday that it has launched a mandatory offer for all the outstanding shares in Norway's Sevan Drilling following its announcement June 27 that it had increased its ownership of Sevan to 50.1 percent.

Seadrill said that a cash consideration of $0.67 (NOK 3.95) per share will be offered in the completed acquisition. The acceptance period begins Thursday and will expire on August 22.

Sevan Drilling is an international drilling contractor specializing in the ultra deepwater segment, with the company owning rigs of the cylindrical Sevan design. Seadrill said June 26 that it believes it can operate Sevan's rigs under a more competitive management arrangement.

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