Seadrill unit North Atlantic Drilling launches New York IPO

Fri Jan 24, 2014 3:54pm EST

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(Reuters) - Offshore rig operator North Atlantic Drilling NADL.NFF, a unit of Seadrill (SDRL.OL), launched an initial public offering of its shares on the New York Stock Exchange on Friday, the firm said.

North Atlantic Drilling is offering 13.5 million shares at $9.25 per share plus an additional 2 million shares to the underwriters with the proceeds going to finance general corporate purposes, it said in a statement.

If all the shares are subscribed and the underwriters also call their option, the offering could raise up to $144 million, according to Reuters calculations.

North Atlantic Drilling, 74 percent owned by Seadrill, the world's biggest offshore driller by market capitalization, operates 7 offshore drilling units with most of them operating in the North Sea. It has two more rigs on order with yards in Asia.

The firm, which has been trading over the counter (OTC) in Oslo, has a market capitalization about $2 billion.

The OTC share last traded at 53.50 Norwegian crowns ($8.70) per share, falling more than 2 percent after it announced its IPO.

(Reporting by Balazs Koranyi; Editing by Anthony Barker)

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