Key Developments: Seadrill Ltd (SDRL.N)
40.12USD
17 May 2013
$0.22 (+0.55%)
$39.90
$40.05
$40.37
$40.00
170,294
290,008
$41.95
$31.37
Latest Key Developments (Source: Significant Developments)
SeaDrill Ltd Completes Sale of T-15 Tender Rig to Seadrill Partners
SeaDrill Ltd announced that the Company completed the previously announced transaction to sell the T-15 tender rig to Seadrill Partners. The agreed upon sale is for a total price of USD 210 million, less approximately USD 100 million of debt outstanding under the credit facility secured by the T- 15. The balance of the total consideration is being financed with vendor financing provided by Seadrill in the form of a loan in the amount of approximately USD 110 million. Full Article
Seadrill Partners LLC Enters Into Agreement To Acquire Companies That Own And Operate Tender Rig T-15 From SeaDrill Ltd
Seadrill Partners LLC announced that it has entered into an agreement to acquire the companies that own and operate the tender rig T-15 from SeaDrill Ltd (Seadrill) for a total purchase price of USD210 million, less approximately USD100 million of debt outstanding under the credit facility secured by the T-15. The balance of the purchase price will be financed with vendor financing provided by Seadrill in the form of a loan in the amount of approximately USD110 million. The transaction is expected to close prior to the end of May 2013. The T-15 is contracted for a five-year period with Chevron in Thailand at a dayrate of $115,500. The rig is currently undergoing acceptance testing in Singapore prior to mobilizing to its drilling location, which is expected to occur by mid-June. The rig is currently earning a standby dayrate until it arrives in Thailand and commences operations. The Board of Directors of Seadrill Partners and the Conflicts Committee of the Board have approved the purchase price and vendor financing. The Conflicts Committee retained a financial advisor, DnB Markets, to assist with its evaluation of the transaction. Full Article
SeaDrill Ltd Completes Integration of Tender Rig Business to Sapurakencana Petroleum Bhd
SeaDrill Ltd announced in reference to the release dated February 11, 2013, which announced the transaction to integrate Seadrill Ltd's (Seadrill) tender rig division into SapuraKencana Petroleum Bhd (SapuraKencana) and the signing of the conditional Sale and Purchase Agreement (SPA) between the parties, that Seadrill and SapuraKencana completed the previously announced transaction on April 30, 2013 pursuant to the conditional SPA. The agreed upon acquisition price is for an enterprise value of USD 2.9 billion, which includes cash, SapuraKencana shares, all debt in the tender rig business, and Seadrill's future capital commitments for newbuilds. The incremental 400.8 million shares received by Seadrill on April 30, 2013 bring Seadrill's equity holding to approximately 12% of the outstanding shares of SapuraKencana. At closing share price of RMB 3.18 on April 30, 2013 , Seadrill's total shareholding will have a gross value of approximately USD 753 million. Full Article
SeaDrill Ltd Secures Three-Year Contract for West Neptune
SeaDrill Ltd announced that it has signed a contract with LLOG Bluewater Holdings, LLC, for employment of the new-build drill-ship, West Neptune, offshore Gulf of Mexico. The contract duration is a minimum of three years plus an option for a one-year extension at mutually agreed rates. The potential revenue for the primary contract term is approximately USD 662 million. The West Neptune is expected to be delivered to Seadrill from the Samsung Heavy Industries shipyard in Geoje, South Korea, in early June 2014. The rig will be outfitted to work in up to 10,000' of water and is capable of water depths up to 12,000' and drilling depths up to 37,000'. Full Article
SeaDrill Ltd Contemplates Issuing New Unsecured Bonds
SeaDrill Ltd announced that it is contemplating issuing new senior unsecured bonds in the Norwegian bond market with maturity in March 2018. The net proceeds from the Bond Issue will be used for general corporate purposes. DNB Markets, Nordea Markets, Pareto Securities, SEB and Swedbank First Securities are acting as Joint Lead Managers for the issuance. Full Article
SeaDrill Ltd Contemplates Issuance of Unsecured Bonds
SeaDrill Ltd announced that it contemplates issuing new senior unsecured bonds in the Norwegian bond market with maturity in March 2018. The net proceeds from the Bond Issue will be used for general corporate purposes. DNB Markets, Nordea Markets, Pareto Securities, SEB and Swedbank First Securities are acting as Joint Lead Managers for the issuance. Full Article
SeaDrill Ltd Orders Two Jack-Up Rigs
SeaDrill Ltd announced that it has exercised fixed price options for the construction of two high specification jack-up drilling rigs at Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore) in China. The rigs are scheduled for delivery during the third and fourth quarter of 2015, and the estimated total project price is approximately USD 230 million (including project management, capitalized interest, drilling and handling tools, spares and operation preparations) per rig, with tail-heavy payment terms. The two new units will be based on the F&G JU2000E design, with water depth capacity of 400ft and drilling depth of 30,000ft. SeaDrill has now in total six jack-ups under construction at DSIC Offshore of which two are scheduled for delivery in 2013 and four in 2015. Full Article
SeaDrill Ltd Announces Expected Q1 2013 Dividend
SeaDrill Ltd announced that a regular dividend of at least USD 0.85 per share should be expected for the first quarter of 2013. Final confirmation of the first quarter dividend will be given in the first quarter earnings release in May 2013, with anticipated distribution in June 2013. The Company's Board decided in November 2012 to prepay the dividend for the fourth quarter of 2012 together with the dividend for the third quarter of 2012. A fourth quarter dividend of USD 0.85 per share were paid out to shareholders on a record date of December 6, 2012. Full Article
Archer Ltd Announces Allocation of Shares Following Share Issue to Seadrill Ltd and Others
Archer Ltd announced that following the completion of a private placement, Seadrill Ltd has been allocated 82,003,000 shares in Archer. Seadrill will also receive 2,811,793 shares in Archer as compensation for underwriting parts of the private placement. Following the transaction, Seadrill will own 231,053,239 shares in the Company, corresponding to 39.9% of the total number of outstanding shares. Lime Rock Partners V L.P. (LRP) has been allocated 20,833,000 shares in the private placement of Archer Ltd. LRP will also receive 416,658 shares in Archer as compensation for underwriting parts of the private placement. Following the transaction, LRP will own 66,351,525 shares in the Company, corresponding to 11.46% of the total number of outstanding shares. Mr. Fredrik Halvorsen has been allocated 116,000 shares in the private placement of Archer. After this transaction, Mr. Halvorsen will hold directly and indirectly 116,000 shares and 1,000,000 stock options in Archer. Drew Investment Limited, a company controlled by Mr. Tor Olav Troim, has been allocated 233,000 shares in the private placement of Archer. After this transaction, Mr. Troim will hold directly and indirectly 433,000 shares and 50,000 stock options in Archer. Mr. Olivier Muller has been allocated 12,000 shares in the private placement of Archer. After this transaction, Mr. Muller will hold directly and indirectly 12,000 shares and 160,000 stock options in Archer. The shares were acquired at USD 1.20 per share. Full Article
SeaDrill Ltd Announces Completion Of USD2.9 Billion Sale Agreement With Sapurakencana Petroleum Bhd
SeaDrill Ltd and Sapurakencana Petroleum Bhd announced the conditional sale and purchase agreement in relation to the proposed transaction. SapuraKencana will acquire all the tender rigs in Seadrill's fleet except for the West Vencedor, T15, and T16. These three rigs are either owned or planned to be owned by Seadrill Partners LLC. Seadrill will in a transition period in co-operation with SapuraKencana retain the management of all tender rigs that are in operation outside Asia. The agreed acquisition price is for an enterprise value of USD2.9 billion and includes future capital commitments for newbuildings T17, T18, and West Esperanza. Seadrill will furthermore continue to manage and supervise the construction of the current new building program on behalf of SapuraKencana. In addition, the enterprise value includes all the debt in the tender rig business which is estimated at USD780 million as of February 6, 2013. Seadrill has agreed to pay USD75 million to SapuraKencana at closing to compensate for cash flow from the tender rig business from February 8, 2013 to closing, netted off for lost interest income. The transaction is expected to close by the end of April 2013. Full Article
Seadrill gets $662 mln, 3-yr contract for new drillship
OSLO, April 16 - Offshore drilling firm Seadrill secured a three-year, $662 million contract from LLOG Bluewater Holdings LLC for use of its newly built West Neptune drillship, it said on Tuesday.
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