Sevan Drilling Shareholders Snub Seadrill Offer

August 23, 2013

Seadrill, a drilling contractor owned by John Fredriksen, a Norwegian-born Cypriot oil tanker and shipping tycoon, has failed in an attempt to takeover all the shares in Sevan Drilling company.

In a filing to the Oslo Stock Exchange, the drilling contractor announced that it has received acceptances of the offer of NOK 3.95 per share of totalling 47,394 shares, representing approximately 0.01 % of the issued shares in the Sevan Drilling.

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.

[mappress]

Offshore Energy Today Staff, August 23, 2013