Sevan Drilling Raises $179 Mln Through Private Placement (Norway)

Norwegian drilling contractor Sevan Drilling has raised NOK 987.5 million (approx. USD 179 million) in gross proceeds through a private placement of 250,000,000 shares, each with a par value of NOK 1 at a price of NOK 3.95 per share (the “Private Placement”).

The Private Placement was oversubscribed at the subscription price and was supported by existing shareholders, as well as new institutional investors.

The net proceeds to the Company from the Private Placement will be used as follows: (i) USD 40 million in payment of deferred liabilities and CAPEX, (ii) USD 35 million in pre-payment of bank debt and, and (iii) for general corporate purposes.

The Company’s main shareholder Seadrill Ltd was allocated 81,828,500 shares in the Private Placement. After the completion of the Private Placement Seadrill Ltd will hold 177,828,500 shares in the Company, equivalent to approximately 30.31 percent of the share capital.,

[mappress]
January 15, 2013