Seadrill to explore opportunity to buy up to 50.1% of shares in Sevan Drilling ASA
Seadrill Limited has today engaged DNB Markets to explore the opportunity to buy up to 116,947,252 shares in Sevan Drilling ASA ("Sevan Drilling") at NOK 3.95 per share, said in the company's press release.
This corresponds to an ownership stake of 50% of the shares based on 594,623,436 shares outstanding.
Seadrill is of the opinion that the financing plan proposed by Sevan Drilling on June 19 is value destructive for the shareholders in Sevan Drilling. Subject to a completion of the proposed share purchase Seadrill will seek to propose an alternative and improved financing structure.
If Seadrill is successful in acquiring 50.1% of Sevan Drilling, Seadrill has also the intention to call an extraordinary shareholder meeting. In such a meeting Seadrill will propose a new Board reflecting the new shareholder structure and will also offer shareholders to take over management of the Sevan rigs through a more competitive management agreement.
If Seadrill is not able to acquire 50.1%, Seadrill will consider to dispose of their current stake in Sevan Drilling. The offer will commence as of publication of this notice.
The offer will be open until 22.00 CET today Wednesday 26 June 2013, or when the order is filled. Seadrill reserves the right, at its own discretion, to purchase fewer, more shares or no shares at all.
Shareholders who wish to accept this offer should call DNB Markets on +47 24 16 92 26.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
