Seadrill Launches Mandatory Offer for Sevan Drilling Shares
Contract rig firm Seadrill announced late Wednesday that it has launched a mandatory offer for all the outstanding shares in Norway's Sevan Drilling following its announcement June 27 that it had increased its ownership of Sevan to 50.1 percent.
Seadrill said that a cash consideration of $0.67 (NOK 3.95) per share will be offered in the completed acquisition. The acceptance period begins Thursday and will expire on August 22.
Sevan Drilling is an international drilling contractor specializing in the ultra deepwater segment, with the company owning rigs of the cylindrical Sevan design. Seadrill said June 26 that it believes it can operate Sevan's rigs under a more competitive management arrangement.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Seadrill Postpones Court Hearing For Restructuring Talks (Jan 25)
- Norway's Seadrill Gets Two Rival Debt Restructuring Proposals (Oct 23)
- Seadrill's Debt Overhaul Faces Creditor Scrutiny (Oct 02)
Company: Sevan Drilling more info
- Sevan Drilling, Cosco to Defer Delivery of Sevan Developer to Mid-October (Apr 15)
- Sevan Drilling Exercises Option to Defer Delivery of Sevan Developer (Nov 03)
- Cosco, Sevan Drilling Agree to Extend Delivery Date for Sevan Developer (Oct 17)