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 As a result, the offer has been withdrawn.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.
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