Oil / Gas Drilling
SeaDrill Ltd Announces Result of Mandatory Offer For All Outstanding Shares in Asia Offshore Drilling Ltd
SeaDrill Ltd announced, with reference to its mandatory offer to purchase all of the shares in Asia Offshore Drilling Ltd at NOK 28.71 per share which expired on December 10, 2012, that Seadrill has received acceptances of the offer totaling 83,520 shares. This will, together with the shares already owned by Seadrill in Asia Offshore Drilling (AOD), take Seadrill's total holding of AOD shares to 26,463,050, representing approximately 66.16% of all of the issued shares in AOD. Seadrill also announced that it will perform settlement of the offer on December 17, 2012. As such, all AOD shareholders having accepted the offer should have the funds available on their respective bank accounts shortly thereafter.
SeaDrill Ltd Announces Result of Mandatory Offer For All Outstanding Shares in Asia Offshore Drilling Ltd
SeaDrill Ltd announced, with reference to its mandatory offer to purchase all of the shares in Asia Offshore Drilling Ltd at NOK 28.71 per share which expired on December 10, 2012, that Seadrill has received acceptances of the offer totaling 83,520 shares. This will, together with the shares already owned by Seadrill in Asia Offshore Drilling (AOD), take Seadrill's total holding of AOD shares to 26,463,050, representing approximately 66.16% of all of the issued shares in AOD. Seadrill also announced that it will perform settlement of the offer on December 17, 2012. As such, all AOD shareholders having accepted the offer should have the funds available on their respective bank accounts shortly thereafter.
Asia Offshore Drilling Ltd Updates on SeaDrill Ltd's Mandatory Cash Offer; Mermaid Maritime PCL Offers to Acquire Remaining Shares in Asia Offshore Drilling
Asia Offshore Drilling Ltd announced with reference to the statement released on December 3, 2012 by the Board of Directors of Asia Offshore Drilling Limited (AOD), that Mermaid Maritime PCL (Mermaid), the holder of 33.75% of the issued and outstanding share capital of AOD, confirms that it is willing to purchase all of the outstanding 120,470 common shares in AOD that remain owned by other shareholders subject to the offer made by Seadrill Ltd, for a consideration of USD 7.24 per share. This offer from Mermaid is open to all such shareholders in AOD, excluding Seadrill Limited, and is valid to December 10, 2012 at 16.30 CET.
Asia Offshore Drilling Ltd Updates on SeaDrill Ltd's Mandatory Cash Offer; Mermaid Maritime PCL Offers to Acquire Remaining Shares
Asia Offshore Drilling Ltd announced with reference to the statement released on December 3, 2012 by the Board of Directors of Asia Offshore Drilling Limited (AOD), that Mermaid Maritime PCL (Mermaid), the holder of 33.75% of the issued and outstanding share capital of AOD, confirms that it is willing to purchase all of the outstanding 120,470 common shares in AOD that remain owned by other shareholders subject to the offer made by Seadrill Ltd, for a consideration of USD 7.24 per share. This offer from Mermaid is open to all such shareholders in AOD, excluding Seadrill Limited, and is valid to December 10, 2012 at 16.30 CET.
Asia Offshore Drilling Ltd Comments on SeaDrill Ltd's Mandatory Cash Offer
Asia Offshore Drilling Ltd announced, in connection with the mandatory offer by Seadrill Ltd to acquire all the outstanding shares of Asia Offshore Drilling, that its Board is concerned about the governance issues surrounding the offer. The Board believes that the offer price does not reflect the current underlying values in Asia Offshore. The Board notes that there are arguments in favor of not accepting the offer. Based on the offer document, the Board of Asia Offshore considers that the offer, if accepted by the shareholders, may result in Asia Offshore's business being completely consolidated into the offeror, the offeror exercising control over Asia Offshore in a manner where such concentration of ownership may potentially not always be transparent, accountable and in the interest of minority shareholders, the offeror initiating compulsory acquisition actions against the remaining shareholders where possible, and the offeror initiating delist Asia Offshore from the Oslo Axess where possible, and hence will have, inter alia, a material effect on Asia Offshore going forward. The Board has concluded that it cannot give its shareholders a general recommendation on whether to accept the offer. The Board encourages the shareholders to consider, inter alia, the factors listed above, and to make their own assessment of the offer, and whether to accept or reject the offer.
Asia Offshore Drilling Ltd Comments on SeaDrill Ltd's Mandatory Cash Offer
Asia Offshore Drilling Ltd announced, in connection with the mandatory offer by Seadrill Ltd to acquire all the outstanding shares of Asia Offshore Drilling, that its Board is concerned about the governance issues surrounding the offer. The Board believes that the offer price does not reflect the current underlying values in Asia Offshore. The Board notes that there are arguments in favor of not accepting the offer. Based on the offer document, the Board of Asia Offshore considers that the offer, if accepted by the shareholders, may result in Asia Offshore's business being completely consolidated into the offeror, the offeror exercising control over Asia Offshore in a manner where such concentration of ownership may potentially not always be transparent, accountable and in the interest of minority shareholders, the offeror initiating compulsory acquisition actions against the remaining shareholders where possible, and the offeror initiating delist Asia Offshore from the Oslo Axess where possible, and hence will have, inter alia, a material effect on Asia Offshore going forward. The Board has concluded that it cannot give its shareholders a general recommendation on whether to accept the offer. The Board encourages the shareholders to consider, inter alia, the factors listed above, and to make their own assessment of the offer, and whether to accept or reject the offer.
SeaDrill Ltd Provides Further Details on Share Acquisition in Asia Offshore Drilling Ltd
SeaDrill Ltd announced that on November 28, 2012 the Company has acquired additional 1,887 shares of Asia Offshore Drilling Limited. The shares were acquired at a price of NOK 28.70 per share. Following this acquisition, the Company will be the owner of 26,379,530 shares in the company, corresponding to 65.95% of the total number of outstanding shares in the company.
SeaDrill Ltd Provides Further Details on Share Acquisition in Asia Offshore Drilling Ltd
SeaDrill Ltd announced that on November 28, 2012 the Company has acquired additional 1,887 shares of Asia Offshore Drilling Limited. The shares were acquired at a price of NOK 28.70 per share. Following this acquisition, the Company will be the owner of 26,379,530 shares in the company, corresponding to 65.95% of the total number of outstanding shares in the company.
SeaDrill Ltd Acquires Songa Eclipse Rig from Songa Offshore SE
SeaDrill Ltd announced that its subsidiary has entered into an agreement with Songa Offshore SE to acquire the ultra-deepwater semi-submersible rig Songa Eclipse for a consideration of USD 590 million. The rig was delivered from the Jurong Shipyard in Singapore in 2011, and is operating for Total offshore Angola on a fixed contract ending in December 2013. In addition Total has three one-year options to further extend the contract. Seadrill intends to take delivery of the rig during December 2012. Songa Eclipse is of the same design, Friede & Goldman ExD millenium, as four of Seadrill's existing rigs in operation, West Sirius, West Taurus, West Orion and West Capricorn. The rig is dynamically positioned (DP 2 class certification) and equipped with Aker Solutions drilling equipment and has water depth capability up to 10,000 feet and drilling depth capacity of up to 37,500 feet. The subsea well control system includes a six-ram 15K psi BOP stack.
SeaDrill Ltd Launches Mandatory Offer for All Shares in Asia Offshore Drilling Ltd
SeaDrill Ltd announced that it has resolved to launch an unconditional mandatory offer for all the issued and outstanding shares of Asia Offshore Drilling Ltd (AOD) at a price of NOK 28.71 per AOD share (the Mandatory Offer). The offer period in the Mandatory Offer runs from and including November 12, 2012 to 16:30 hours (CET) on December 10, 2012, and may be extended by up to two weeks. Platou Markets AS acts as financial advisor to SeaDrill in relation to the Mandatory Offer, and as the receiving agent in relation thereto.
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