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

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Chevron Suffers Loss, Plans Job Cuts

Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016,

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Finance

ExxonMobil 1Q Profits Plunge 63%

Highlights   * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015.   * Earnings per share were $0.43 assuming dilution.   * Cash

Shipping, Key Ingredient of EU’s Africa Agenda

The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa

Ocean Economy Set to Double in Size by 2030

The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010.   "Calculations based on the

Mergers & Acquisitions

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

Fitch: M&A, Not Alliances to Help Revive Container Shipping

The following statement was released by the rating agency: Mergers and acquisitions, rather than the historically more popular alliances, are inevitable to address

ST Engineering Injects $66m into VT Systems

Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc.

Offshore Energy

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Ulstein Verft's First Wind Service Vessel Launched

Shipbuilder Ulstein Verft has launched its first vessel within the renewable energy segment, and also the first with the newly-developed X-STERN hull line design.

Incat Crowther Supplies Crewboat Design, Build Kits

Incat Crowther has been awarded a contract with shipbuilder Astinave EP of Guayaquil, Ecuador for the supply of vessel design services and aluminum component kits for a pair of 22.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0965 sec (10 req/sec)