Rig owner Seadrill (SDRL +0.7%) sells all its existing 96M shares in embattled Sevan Drilling...

|About: Seadrill Limited (SDRL)|By:, SA News Editor

Rig owner Seadrill (SDRL +0.7%) sells all its existing 96M shares in embattled Sevan Drilling after a bank steps up with an “attractive offer" to buy the shares in return for a forward agreement. SDRL’s holding had moved up to 30.31% following Sevan's recent emergency equity issue to plug a funding gap; 33.3% ownership would have required a mandatory takeover offer under Oslo Stock Exchange regulations.