Aker Drilling Rejects Seadrill's Offer for Outstanding Shares
In connection with Aker Capital mandatory offer for the purchase of the remaining shares in Aker Drilling, the Board of Directors of Aker Drilling has engaged Fondsfinans as financial advisor.
Fondsfinans will conduct a valuation of Aker Drilling and advise the company's Board of Directors in connection with an evaluation of the offer and the Board of Director's statement. The Board of Director's statement is expected to be made public within the end of week 2 in 2008.
The Board of Directors has assumed that the mandatory offer is made by Aker Capital AS before Christmas as communicated in their Stock Exchange notice of 14th December 2007.
Further, the Board of Directors of Aker Drilling has engaged the law firm Wikborg Rein as the legal adviser.
On 14 December 2007 Seadrill Limited in a stock exchange notice announced its intention to make a voluntary offer to purchase all outstanding shares in Aker Drilling. According to the stock exchange notice, the offer would be subject to Seadrill Limited becoming the owner of more than 90 per cent of the shares in Aker Drilling and subject to a satisfactory due diligence.
Aker Capital, which owns 44.97% of the shares in Aker Drilling, has confirmed to Aker Drilling that Aker Capital will not accept the voluntary offer as announced by Seadrill Limited. Hence, Seadrill Limited's offer can not be completed on the terms presented. On this background, the Board of Directors of Aker Drilling ASA has communicated to Seadrill Limited it sees no reason to further evaluate Seadrill's offer nor its request for a due diligence process.
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