Oil / Gas Drilling
Sevan Drilling ASA's Board Believes that Seadrill Ltd's Offer of NOK 3.95 per Share Undervalues Sevan Drilling's Assets
Sevan Drilling ASA announced that the Company's Board believes that the price of NOK 3.95 proposed by Seadrill Ltd for each share in Sevan Drilling undervalues Sevan Drilling's assets and prospects, and represents a significant discount to latest analyst consensus net asset value estimates and target prices. The Company stated that its Board will revert with formal opinions on the offer and further guidance for shareholders regarding any future action in due course, once the details of Seadrill's offer, financing solution and other propositions have been reviewed and considered.
Sevan Drilling ASA's Board Believes that Seadrill Ltd's Offer of NOK 3.95 per Share Undervalues Sevan Drilling's Assets
Sevan Drilling ASA announced that Sevan Drilling's Board believes that the price of NOK 3.95 proposed by Seadrill Ltd for each share in Sevan Drilling undervalues Sevan Drilling's assets and prospects, and represents a significant discount to latest analyst consensus net asset value estimates and target prices. Sevan Drilling stated that its Board will revert with formal opinions on the offer and further guidance for shareholders regarding any future action in due course, once the details of Seadrill's offer, financing solution and other propositions have been reviewed and considered.
Seadrill Ltd to Submit Mandatory Offer for All Shares Outstanding in Sevan Drilling ASA
Sevan Drilling ASA announced that Seadrill Ltd issues on June 26, 2013 a notification of trade regarding purchase of shares in Sevan Drilling ASA. Following the notification Seadrill has on June 27, 2013 purchased an additional 116,934,875 shares in Sevan Drilling at a price of NOK 3.95 per share. Following the purchase, Seadrill owns (including shares purchased under forward agreements) 297,893,964 shares in Sevan Drilling, equal to 50.1% of the shares and the votes in Sevan Drilling. Pursuant to section six of the Norwegian Securities Act, Seadrill intends to submit a mandatory offer for all shares outstanding in Sevan Drilling that are not owned by Seadrill.
Seadrill Ltd to Submit Mandatory Offer for All Shares Outstanding in Sevan Drilling ASA
Sevan Drilling ASA announced that Seadrill Ltd issues on June 26, 2013 a notification of trade regarding purchase of shares in Sevan Drilling ASA. Following the notification Seadrill has on June 27, 2013 purchased an additional 116,934,875 shares in Sevan Drilling at a price of NOK 3.95 per share. Following the purchase, Seadrill owns (including shares purchased under forward agreements) 297,893,964 shares in Sevan Drilling, equal to 50.1% of the shares and the votes in Sevan Drilling. Pursuant to section six of the Norwegian Securities Act, Seadrill intends to submit a mandatory offer for all shares outstanding in Sevan Drilling that are not owned by Seadrill.
Seadrill Ltd to Buy up to 116,947,252 Shares in Sevan Drilling ASA, Corresponding to Ownership Stake of 50%
Sevan Drilling ASA announced that Seadrill Ltd has engaged DNB Markets to explore the opportunity to buy up to 116,947,252 shares in Sevan Drilling ASA at NOK 3.95 per share. This corresponds to an ownership stake of 50% of the shares based on 594,623,436 shares outstanding. Seadrill Ltd is of the opinion that the financing plan proposed by Sevan Drilling on June 19, 2013 is value destructive for the shareholders in Sevan Drilling. Subject to a completion of the proposed share purchase Seadrill Ltd aims to propose an alternative and improved financing structure. If Seadrill Ltd is successful in acquiring 50.1% of Sevan Drilling, Seadrill Ltd has also the intention to call an extraordinary shareholder meeting. In such a meeting Seadrill Ltd will propose a new Board reflecting the new shareholder structure and will also offer shareholders to take over management of the Sevan rigs through a more competitive management agreement. If Seadrill is not able to acquire 50.1%, Seadrill Ltd will consider to dispose of their current stake in Sevan Drilling. The offer will commence as of publication of this notice. The offer will be open until 22.00 CET June 26, 2013, or when the order is filled. Seadrill Ltd reserves the right, at its own discretion, to purchase fewer, more shares or no shares at all.
Seadrill Ltd to Buy up to 116,947,252 Shares in Sevan Drilling ASA, Corresponding to Ownership Stake of 50%
Sevan Drilling ASA announced that Seadrill Ltd has engaged DNB Markets to explore the opportunity to buy up to 116,947,252 shares in Sevan Drilling ASA at NOK 3.95 per share. This corresponds to an ownership stake of 50% of the shares based on 594,623,436 shares outstanding. Seadrill Ltd is of the opinion that the financing plan proposed by Sevan Drilling on June 19, 2013 is value destructive for the shareholders in Sevan Drilling. Subject to a completion of the proposed share purchase Seadrill Ltd aims to propose an alternative and improved financing structure. If Seadrill Ltd is successful in acquiring 50.1% of Sevan Drilling, Seadrill Ltd has also the intention to call an extraordinary shareholder meeting. In such a meeting Seadrill Ltd will propose a new Board reflecting the new shareholder structure and will also offer shareholders to take over management of the Sevan rigs through a more competitive management agreement. If Seadrill Ltd is not able to acquire 50.1%, Seadrill Ltd will consider to dispose of their current stake in Sevan Drilling. The offer will commence as of publication of this notice. The offer will be open until 22.00 CET June 26, 2013, or when the order is filled. Seadrill Ltd reserves the right, at its own discretion, to purchase fewer, more shares or no shares at all.
Hercules Offshore Inc's Subsidiary Announces Acquisition of Majority Interest in Discovery Offshore SA; Divestiture of Domestic Liftboats
Hercules Offshore Inc announced that the Company through a wholly owned subsidiary, agreed to purchase additional shares of Discovery Offshore SA, increasing total investment in Discovery to more than 50% of the outstanding shares. In accordance with the Norwegian Securities Trading Act, Hercules will make a mandatory cash tender offer for all remaining outstanding shares of Discovery; Hercules agreed to sell substantially all of the Domestic Liftboat assets for net cash proceeds of approximately $54.0 million. Hercules will retain working capital which totals approximately $7.3 million as of May 31, 2013. Pareto Securities and Deutsche Bank Securities are acting as financial advisors to Hercules Offshore on this transaction.
Hercules Offshore Inc's Subsidiary Announces Acquisition of Majority Interest in Discovery Offshore SA
Hercules Offshore Inc announced that the Company through a wholly owned subsidiary, agreed to purchase additional shares of Discovery Offshore SA, increasing total investment in Discovery to more than 50% of the outstanding shares. In accordance with the Norwegian Securities Trading Act, Hercules will make a mandatory cash tender offer for all remaining outstanding shares of Discovery; Hercules agreed to sell substantially all of the Domestic Liftboat assets for net cash proceeds of approximately $54.0 million. Hercules will retain working capital which totals approximately $7.3 million as of May 31, 2013. Pareto Securities and Deutsche Bank Securities are acting as financial advisors to Hercules Offshore on this transaction.
Hi Crush Partners LP Completes Acquisition of D&I Silica, LLC
Hi Crush Partners LP announced the successful completion of its acquisition of D&I Silica, LLC (D&I). Hi-Crush agreed to acquire D&I on May 14, 2013 for $95 million in cash and 1.579 million units priced at $19 for total consideration of approximately $125 million.
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.
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Analyst Research
| Report Title | Price |
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Provider: SADIF-Investment Analytics, S.A.
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$25.00
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Provider: GlobalData
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$250.00
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Provider: GlobalData
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$125.00
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Provider: GlobalData
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$125.00
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Provider: GlobalData
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$125.00
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