Seadrill Seeks to Increase Sevan Stake

MarineLink.com/Bernews
Wednesday, June 26, 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.

If Seadrill is successful in buying 50.1 percent of Sevan, it will call an extraordinary meeting of the company’s shareholders to propose a new board and offer to take over management of its rigs, report Bernews, again citing Seadrill sources.

LATER: Seadrill released the following statement to the press:

 

Hamilton, Bermuda, June 27, 2013

Seadrill Limited ("Seadrill") issued June 26, a mandatory notification of trade regarding purchase of shares in Sevan Drilling ASA ("Sevan Drilling"). Following the notification Seadrill has today purchased an additional 116,934,875 shares in Sevan Drilling at a price of NOK 3.95 per share.
 
Following the purchase, Seadrill owns (including shares purchased under forward agreements) 297,893,964 shares in Sevan Drilling, equal to 50.1 per cent of the shares and the votes in Sevan Drilling.
 
Pursuant to section 6 of the Norwegian Securities Act, Seadrill intends to submit a mandatory offer for all shares outstanding in Sevan Drilling that are not owned by Seadrill.
 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

Sources: Bernews/Seadrill


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