Seadrill finances part of its exposure to Sevan Drilling

Seadrill (SDRL +1.1%) says it sold ~120M shares of Sevan Drilling (SDRNF.OB) at NOK3.95/share and received a forward agreement with exposure to the same number of shares.

SDRL controls nearly 298M shares of Sevan, either through direct ownership or forward agreements, representing 50.1% of all issued shares.

Yesterday, SDRL shares gained 4% after Q2 earnings beat estimates and its dividend was raised 3.4%.

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