Bloomberg News

Seadrill Offers to Buy 28.5% Stake in Sevan Drilling

December 06, 2011

(Updates with brokers in third paragraph.)

Dec. 2 (Bloomberg) -- Seadrill Ltd., owner of the second- largest ultra-deepwater fleet, offered to buy a 28.5 percent stake in Sevan Drilling ASA. Sevan Drilling shares surged.

Seadrill, whose largest shareholder is shipping tycoon John Fredriksen, offered to buy 96 million shares for $65.5 million through a group of brokers, Arendal, Norway-based Sevan Drilling said today in a statement. The completion is subject to Pareto Securities AS entering a definitive agreement with SV Unsecured Ltd. to buy the shares.

ABG Sundal Collier Norge ASA, Arctic Securities ASA, First Securities AS, ING Bank NV, Pareto and SEB Enskilda AS received and accepted an “all-or-nothing” bid from Seadrill.

As part of the deal, SV Unsecured will be released from a “lock-up undertaking” in the shares, and Seadrill will be subject to a similar lock-up.

SV Unsecured on Nov. 30 bought the shares as part of the restructuring of Sevan Marine ASA.

The shares in Sevan Drilling jumped as much as 40 percent in Oslo trading and were up 27 percent at 5.76 kroner as of 10:28 a.m. local time. Seadrill shares were up 1.7 percent at 202.9 kroner.

--Editor: Jonas Bergman, Randall Hackley

To contact the editor responsible for this story: Meera Bhatia at mbhatia2@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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