SeaDrill Limited 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.
June 27, 2013
Share
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 is an offshore drilling contractor. The Company is engaged in providing worldwide offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, and jackup rigs for operations in shallow to ultra-deepwater in both benign and harsh environments. Its fleet portfolio includes West Phoenix, West Aquarius, West Eclipse, Sevan Louisiana, West Capella, West Gemini, West Tellus, West Neptune, West Jupiter, West Saturn, West Carina, West Polaris, West Auriga, West Vela, West Castor, West Tucana, West Telesto, West Prospero, and West Elara. Its drillships are self-propelled ships equipped for drilling offshore in water depths ranging from 1,000 to 12,000 feet and are positioned over the well through a computer-controlled thruster system. Its customers include oil super-majors, state-owned national oil companies, and independent oil and gas companies. It also provides management services.