Seadrill Now Holds 39,9% of Archer Shares

Seadrill Now Holds 39.9 pct of Archer Shares

Seadrill Limited, one of the world’s largest offshore drilling contractors, has today been allocated 82,003,000 shares in the private placement of Archer Limited, a global oilfield service company that specializes in drilling services and well services

The drilling contractor bought the shares at price US$1.20 per share. Seadrill also said it would receive 2,811,793 shares in Archer as compensation for underwriting parts of the private placement.

Following this purchase and the receipt of the underwriting commission, Seadrill will be the owner of 39.9% of the total number of outstanding shares in the company.

Archer Limited on Friday completed a private placement of 208,334,000 new ordinary shares at a subscription price of USD 1.20, raising USD 250 million in gross proceeds to the company. The company said it would use the proceeds from the Private Placement as follows:

  • USD 100 million to prepay the November 2013 debt installment, and
  • USD 150 million to reduce other debt facilities.

Offshore Energy Today Staff, February 11, 2013