Seadrill (SDRL) increases its stake in struggling rival Sevan Drilling (SDRNF.OB) to 50.1% and...

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

Seadrill (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."