Sevan Drilling Asa News

Noway’s anti-corruption agency Økokrim has closed an investigation into Sevan Drilling over the company’s drilling contracts won with Petrobras between 2005 and 2008. "Reference is made to the public announcement by Sevan Drilling dated 16 October 2015 regarding Økokrim's investigation of the Company's subsidiary Sevan Drilling ASA in respect of payments made to agents in relation to drilling contracts originally awarded by Petrobras to Sevan Marine ASA in the period between 2005-2008," said a press release from the company. It has been notified that Økokrim today has completed the investigation against Sevan Drilling ASA and the orginal charges have been dismissed.

Seadrill's mandatory offer to purchase all of the shares in Sevan Drilling ASA at NOK 3.95 per share has been accepted. Seadrill has received acceptances of the Offer totalling 47,394 shares. At completion of the offer Seadrill will control 297,941,358 shares of Sevan, either through direct ownership or forward contracts, representing 50.11% of all issued shares of Sevan. In accordance with the terms and conditions set out in the Offer Document, settlement according to the Offer will take place as soon as reasonably possible and no later than on September 5, 2013. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Seadrill announces mandatory offer for all outstanding shares in Sevan Drilling. On June 27, 2013 Seadrill Limited announced that it had acquired 116,934,875 shares in Sevan Drilling ASA  at a price of NOK 3.95 per share and its intention to launch a mandatory offer for all the outstanding shares in Sevan Drilling not owned by Seadrill. They now announce the launch of the Offer  on the terms and conditions set out in the offer document dated July 24, 2013. A cash consideration of NOK 3.95 per share will be offered, equalling the cash offer in the completed Acquisition. The acceptance period commences tomorrow and expires at 16:30 (CET) on August 22, 2013.

Bermuda-based Seadrill Ltd., an offshore driller controlled by billionaire John Fredriksen, is seeking to buy 50.1 percent of Sevan Drilling ASA to veto financing plans for the firm that it says would destroy shareholder value. Seadrill, headquartered in Hamilton, hired DNB Markets to look to purchase as many as 116.9 million shares in Norwegian-based Sevan at 3.95 kroner a share, it said in a statement. The company today [June 26] increased its stake in Sevan, an operator of deep-water drilling rigs, to 30.4 percent, report Bernews, citing statements by Seadrill. The Norwegian operator, Sevan Drilling, which owns two ultra-deepwater drilling units and has two more being built, said June 19 it agreed terms on a $1.45 billion, five-year bank facility.

COSCO (Nantong) shipyard delivers offshore drilling rig to Sevan Drilling COSCO (Nantong) Shipyard Co., Ltd, a subsidiary  51% owned by COSCO Shipyard Group Co., Ltd, has delivered its new build Sevan Brasil to Sevan Drilling ASA . The Sevan Brasil semi submersible has a LOA of 99 m with a breadth of 75 m and is 24.5 meters in depth. The rig is scheduled to commence operation under a six year charter contract with Petrobras during second quarter 2012.