(Updates with analyst comment in fourth paragraph.)
Jan. 30 (Bloomberg) -- Seadrill Ltd., the oil-rig operator whose largest owner is billionaire John Fredriksen, said the listing of its Brazilian unit will be delayed until April after failing to complete a proposed corporate restructuring.
Seabras Servicos de Petroleo SA agreed with Petroleo Brasileiro SA to make the changes, Seadrill said in a statement today. “It will not be possible to complete the proposed corporate restructuring and receive consents from lending banks and charterer within the time limit” for filing based on third- quarter accounts.
Seabras will make a new filing with the Brazilian Securities and Exchange Commission that reflects the revised corporate structure based on fourth-quarter accounts, it said. The filing is expected to be completed in early March, with listing on the Sao Paulo Stock Exchange anticipated in April. The company had sought to list its shares as part of an initial public offering on Feb. 13.
“We don’t see this as dramatic news,” Kim Andre Uggedal, an Oslo-based analyst at Terra Markets AS, said via e-mail. “Listing in Sao Paulo will commence two months later than initially planned. We still see this as a positive move for Seadrill’s shareholders as we like the ‘risk sharing in Brazil’ perspective of it.”
Seadrill’s Chief Financial Officer Esa Ikaeheimonen said last week that the company expects a “lot of interest” in the IPO of its Brazilian unit. Hamilton, Bermuda-based Seadrill is seeking to expand operations in Brazil as the industry grows on demand from oil producers such as Petrobras.
Seadrill shares dropped 1.5 percent to 211.7 kroner as of 10:28 a.m. in Oslo trading. The shares have added 5 percent this year. The OBX Index declined 0.7 percent.
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