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 As a result, the offer has been withdrawn.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.

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