Sevan Drilling Shareholders Snub Seadrill Offer
This leaves Seadrill with 50.11% of all issued shares of Sevan.
Sevan Drilling shareholders have obviously accepted a piece of advice given earlier this month by Sevan Drilling directors Kristian Johansen and Benedicte Schilberd Fasmer which counseled the company’s shareholders not to accept the mandatory offer issued by Seadrill for the remaining shares of the company.
In a statement dated August 8, 2013, the Sevan Drilling directors said the offer price is significantly below the fair market value of Sevan Drilling.
The Company’s CEO Scott Kerr and CFO Jon Willmann, as well as those board members holding shares, have all informed that they will not accept the NOK 3.95 Offer for their shares.
Sevan Drilling is a Norway-based drilling contractor. The company owns a fleet of Ultra Deepwater drilling rigs of a specific cylindrical design.
Offshore Energy Today Staff, August 23, 2013