Ocean Rig Withdraws EDRILL Offer

Ocean Rig announced Friday morning that its conditional order for shares in Eastern Drilling (EDRILL) will not be concluded.

On Thursday, Ocean Rig placed an order with investment bank ABG Sundal Collier to acquire enough EDRILL shares that--together with convertibles bonds--would effectively give it at least 50 percent ownership of EDRILL.

Ocean Rig reports that the targeted volume of shares was not reached. As a result, the offer has been withdrawn.

The Stavanger, Norway-based drilling contractor said that it sought to gain control of EDRILL to execute its strategy of expanding the business through a balanced risk transaction and increase the base for future capital repayment.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
Land GIS Spatial Analyst - Mineral Land
Expertise: Contracts Engineer|Geologist|Lease Analyst
Location: Denver, CO
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours