Sevan Drilling and Sevan Marine Finalise Initial Public Offering (Norway)

Sevan Marine ASA  and Sevan Drilling ASA announce the completion of the bookbuilding period for the initial public offering of the shares in Sevan Drilling.

Shares will be priced at NOK 8 per share. Sevan Drilling will issue 240,625,000 new shares in connection with the Offering, representing 71.5% of the shares of the Company after completion of the share issue. Following the offering, the total outstanding number of shares in Sevan Drilling will be 336,625,000. In addition to the new shares issued, the managers of the Offering have over-allotted 13,000,000 shares, and exercised their option to borrow 13,000,000 shares from Sevan Marine for the purpose of covering such over-allotment.

Sevan Marine has decided not to sell any of its shares in Sevan Drilling in the Offering except to the extent the over-allotment (“greenshoe”) option granted to the managers of the Offering to cover over-allotments is exercised. Sevan Marine’s ownership in the Company following completion of the share issue will be 28.5% excluding the over-allotment option and 24.7% assuming full exercise of the over-allotment option.

Over-allotment option and lock-up

Sevan Marine has granted the managers an over-allotment option of up to 13,000,000 shares, exercisable by Pareto Securities as stabilising manager within 30 days following the first day of trading of the shares on Oslo Børs. The over-allotment option can be exercised to purchase Sevan Drilling shares held by Sevan Marine in order to cover over-allotments or other short positions in connection with the Offering. A separate disclosure will be issued by the stabilisation manager regarding the over-allotment and stabilisation activities.

Sevan Marine has agreed not to dispose of their shares in Sevan Drilling for a period of 12 months from the first day of trading of the shares on Oslo Børs, as described in the prospectus dated 5 April 2011.

[mappress]
Source: sevanmarine , April 28, 2011;