Seadrill Unit North Atlantic Drilling Launches New York IPO


Jan 24 (Reuters) - Offshore rig operator North Atlantic Drilling, a unit of Seadrill, launched an initial public offering of its shares on the New York Stock Exchange on Friday, the firm said.

North Atlantic Drilling is offering 13.5 million shares at $9.25 per share plus an additional 2 million shares to the underwriters with the proceeds going to finance general corporate purposes, it said in a statement.

If all the shares are subscribed and the underwriters also call their option, the offering could raise up to $144 million, according to Reuters calculations.

North Atlantic Drilling, 74 percent owned by Seadrill, the world's biggest offshore driller by market capitalisation, operates 7 offshore drilling units with most of them operating in the North Sea. It has two more rigs on order with yards in Asia.

The firm, which has been trading over the counter (OTC) in Oslo, has a market capitalisation about $2 billion.

The OTC share last traded at 53.50 Norwegian crowns ($8.70) per share, falling more than 2 percent after it announced its IPO.

Copyright 2016 Thomson Reuters. Click for Restrictions.


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