Ocean Rig to Buy Stake in Eastern Drilling

Ocean Rig confirmed Thursday that it has placed a conditional offer to buy shares of Eastern Drilling (EDRILL).

Ocean Rig said that it placed an order Thursday morning with investment bank ABG Sundal Collier to acquire a sufficient number of shares in EDRILL so that, together with convertibles bonds, the company would own at least 50 percent of the fully diluted EDRILL shares at NOK 130 (US$20.13) per share. The Stavanger, Norway-based drilling contractor extended the offer until Friday morning.

Ocean Rig owns and operates two drilling rigs built for ultra-deep waters and extreme weather conditions. The units are currently operating offshore Congo and Norway.

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