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Aug. 29, 2013, 12:16 PM
- 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%.
Aug. 23, 2013, 8:09 AM
- Seadrill (SDRL) has been thwarted in an initial effort to acquire Sevan Drilling (SDRNF.OB) after gaining only a handful of shareholder acceptances under a mandatory offer for the company, Upstream reports.
- SDRL had launched a mandatory offer for all outstanding shares in Sevan following its June announcement that it had increased its ownership of the deepwater rig rival to 50.1%.
- SDRL +0.3% premarket.
Aug. 8, 2013, 8:25 AM
- Top management at Sevan Drilling (SDRNF.OB) is rejecting Seadrill's (SDRL) offer to buy their shares in the company, and the board again urges shareholders to wait for a higher price.
- The move comes after SDRL, which holds 50.1% of Sevan, reportedly refused to raise its NOK3.95/share bid under a mandatory offer period for the remaining shares that expires in two weeks.
- The Sevan board reiterates the offer, which equates to NOK2.35B ($398M), is “significantly below the fair market value” of its business prospects and assets.
Jun. 27, 2013, 8:42 AMSeadrill (SDRL) increases its stake in struggling rival Sevan Drilling (SDRNF.OB) to 50.1% and will make a mandatory offer for the rest of the company. SDRL is reacting to Sevan's recently revealed financing plan to issue $500M in senior secured bonds and finalize a $1.45B corporate bank facility to refinance outstanding debt, which SDRL calls "value destructive for shareholders." | 12 Comments
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Sevan Drilling ASA is an international offshore drilling contractor specializing in the ultra deepwater segment.The Company owns and operates two ultra deepwater drilling rigs of the cylindrical Sevan design,with long term charter contracts in Brazil. The Company has ordered two additional... More
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