Seadrill Partners to raise up to $193 mln in IPO

Fri Oct 12, 2012 6:25pm EDT

Oct 12 (Reuters) - Seadrill Partners LLC, which operates and acquires offshore drilling rigs, said it expects to sell 8.75 million common units for between $20 and $22 each, raising as much as $192.5 million at the top end.

The company, formed by Seadrill Ltd , counts Chevron Corp, BP Plc and ExxonMobil Corp as its customers.

Seadrill Ltd is the world's biggest deepsea drilling rig owner.

Seadrill Partners plans to use the proceeds from the offering to acquire stakes in two operating units of Seadrill Ltd, the company said in a regulatory filing.

The company intends to list its common units on the New York Stock Exchange under the symbol "SDLP."

Seadrill Ltd Chief Executive Alf Thorkildsen resigned last week after he disagreed with shipping tycoon John Fredriksen's plans to shift the company out of Norway.

Seadrill Partners added Morgan Stanley, Wells Fargo Securities, Credit Suisse and Deutsche Bank Securities among others as underwriters to the IPO. Citigroup was earlier the sole underwriter.

Shares of Seadrill Ltd closed at $39.55 on the New York Stock Exchange on Friday.