The Bermuda-based drilling and service unit supplier will pay NOK 205 (US$31) per Class A share and per Class A ADS (net to the seller in cash, without interest) and NOK 165 (US$25) per Class B share and per Class B ADS (net to the seller in cash, without interest). The tender offer is open only to US residents.
SeaDrill currently owns a total of 27,899,609 Class A shares and 15,508,082 Class B shares of Smedvig, collectively constituting 53.1 percent of Smedvig's total share capital and 51.9 percent of Smedvig's total voting power. The US tender offer is made in connection with a global mandatory offering for the remaining outstanding Class A and Class B shares of Smedvig, as required by Norwegian law.
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