SeaDrill Limited (NYSE:SDRL) made an offer to acquire the remaining 49.9% stake in Sevan Drilling ASA (OB:SEVDR) from a group of sellers for NOK 1.2 billion on June 26, 2013. The sellers included SKAGEN Funds - Skagen Vekst (CPSE:SKIVEK) managed by Skagen AS, ODIN Offshore managed by ODIN Forvaltning AS, Wenaasgruppen AS, Regents of the University of Michigan, DNB SMB and VERDIPAPIRFONDET DNB NORGE (IV) managed by DNB Asset Management AS, Goldman Sachs Trust - Goldman Sachs Concentrated International Equity Fund (MutualFund:GSIC.X) managed by Goldman Sachs Asset Management, L.P., Credit Suisse Securities (USA) LLC, Investment Arm, JPMorgan Chase Bank N.A., London Branch, Asset Management Arm, APG Algemene Pensioen Groep N.V., The Bank of New York Mellon Corp, Private Banking & Securities Investments, DNB Livsforsikring ASA, and Skandinaviska Enskilda Banken AB, Private Banking, Investment Banking, and Insurance Arm. SeaDrill Limited will acquire the remaining 296 million shares for NOK 3.95 per share in cash. The tender offer commences on July 25, 2013 and closes on August 22, 2013.

The transaction has been approved by Oslo Børs, a take-over supervisory authority on July 24, 2013 and is subject to approval by the Board of Directors of Sevan Drilling. Board of Sevan Drilling is required to issue a statement as to whether the offer should be accepted by the Shareholders. As of July 29, 2013, SeaDrill Limited has received acceptances for 0.01 million shares representing 0.002% stake in Sevan Drilling ASA. As of August 1, 2013, SeaDrill Limited received acceptances under the offer for 732 shares of the Sevan Drilling. Following this, the Offeror has received acceptances for a total of 11,032 shares representing approximately 0.002% of the shares and votes in the Company. As of August 2, 2013, SeaDrill Limited received acceptances under the offer for 1000 shares of the Sevan Drilling. As of August 6, 2013, the offeror received acceptances under the Offer for 10,000 shares of the company. As of August 8, 2013, top management of Sevan Drilling rejected the offer as it is significantly below the fair market value. Following this, the offeror holds shares representing 50.1% of all the issued shares of the company. On August 21, 2013, it was announced that SeaDrill Limited has received acceptances under the offer for 10,925 shares of Sevan Drilling. Following this, SeaDrill Limited has received acceptances for a total of 43,856 shares representing approximately 0.007% per cent of the shares and votes in Sevan Drilling.

DNB Markets acted as financial advisor and receiving agent to SeaDrill Limited. Bugge Arentz-Hansen & Rasmussen acted as legal advisor for SeaDrill Limited.

SeaDrill Limited (NYSE:SDRL) completed the acquisition of an additional 0.01% stake in Sevan Drilling ASA (OB:SEVDR) for NOK 0.19 million on August 22, 2013. Pursuant to the completion, SeaDrill Limited acquired additional 47,394 shares representing 0.01% stake and now holds 50.11% stake in Sevan Drilling ASA.