Seadrill Partners LLC, which operates and acquires offshore drilling rigs, filed with U.S. regulators on Friday to raise up to $225 million in an initial public offering of common units.
The offering is being underwritten by Citigroup, the London-based company said in a filing with the U.S. Securities and Exchange Commission.
Seadrill Partners, recently formed by Bermuda-based oilfield services company Seadrill Ltd (SDRL.N) (SDRL.OL), counts Chevron Corp (CVX.N), BP Plc (BP.L) and ExxonMobil Corp (XOM.N) among its customers.
The company plans to use the proceeds from the offering to acquire stakes in two operating units of Seadrill Ltd.
The filing did not reveal how many common units the company planned to sell or their expected price.
The company intends to list its common units on the New York Stock Exchange under the symbol "SDLP".
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting By Neha Dimri in Bangalore; Editing by Saumyadeb Chakrabarty)