Oil / Gas Drilling
Sevan Drilling ASA Announces Intra-Group Merger between Sevan Drilling ASA and Wholly Owned Subsidiaries
Sevan Drilling ASA announced that to optimize the group's legal structure Sevan Drilling is in the process of consolidating certain of its wholly owned subsidiaries through a simplified intra-group merger pursuant to the Norwegian Public Companies Act section 13-24, with all the subsidiaries' rights and obligations being transferred to the Company without consideration. The Company expects the mergers to complete in Q3.
SeaDrill Ltd Announces Organizational Changes in Seadrill Management AS
SeaDrill Ltd (SeaDrill) announced that it has made plans to implement a new management structure to ensure continued operations and support its global strategy. Since acquiring Smedvig ASA in 2006, SeaDrill has operated its management service company, Seadrill Management AS out of Stavanger, Norway. In June 2012, North Atlantic Drilling Limited was separated from Seadrill Management AS to create an operational center for the North Atlantic, managed out of Stavanger. As a consequence, the Board has reviewed the future management structure. Two areas for consideration have emerged: Firstly, the company can further improve its efficiency by reducing the size of Seadrill Management AS and by moving several of the functions to the operating regions. Secondly, Seadrill Management AS's location in Stavanger may constrain SeaDrill's growth plans. Furthermore, the Norwegian cost level and distance from SeaDrill's core markets makes travel and logistics cumbersome when managing world-wide operations. The Board has decided to explore establishing a new management service function in an alternative location. Several locations are under consideration. A final decision can be expected before year end. The Board has, after discussions with the Chief Executive Officer (CEO) of Seadrill Management AS, Mr. Alf C. Thorkildsen, mutually agreed to terminate his contract. Mr. Fredrik Halvorsen, currently CEO of Archer Limited, will succeed Mr. Thorkildsen.
Sevan Drilling ASA Contemplates Intra-Group Merger with Wholly Owned Subsidiaries
Sevan Drilling ASA announced that its Board of Directors is contemplating a merger with its wholly owned subsidiaries Sevan Drilling Management AS, Sevan Drilling Invest AS and Sevan Drilling Rig IX AS (Subsidiaries), in an effort to simplify and rationalize the legal structure of the Sevan Drilling Group. The merger is, subject to certain conditions, scheduled to be adopted by the Board of Directors of all participating companies in early August 2012, and expected to be completed in early October 2012 with all of the Subsidiaries' assets, rights and obligations being transferred to the Company without consideration. The merger will be carried out as a simplified intra-group merger pursuant to the Norwegian Public Limited Companies Act (NCA) section 13-24 and will thus not require a general meeting.
Rowan Companies, Inc. Updates Timing Of Change In Corporate Structure
Rowan Companies, Inc. reminds its stockholders that the special meeting to approve the previously announced plan to change Rowan's corporate structure will be held on April 16, 2012. The change in corporate structure would result in the Company becoming a wholly owned subsidiary of a new U.K. parent holding company to be named Rowan Companies plc (Rowan UK). The Board of Directors has previously unanimously approved the change as it believes the move will enhance stockholder value by improving Rowan's long-term competitive position as a global contract driller. Under the proposed plan, which must be approved by our stockholders at the April 16 meeting, Rowan's legal domicile would effectively change from Delaware to the United Kingdom, where it already has substantial and growing operations. The Company previously disclosed in its proxy statement that it might pursue a Class A Share structure instead of an American depositary share (ADS) structure, and confirms today that it is actively pursuing such a Class A Share structure. If successful in these efforts, Class A Shares of Rowan UK would ultimately be delivered to holders of our common stock in conjunction with the closing of the transaction.
Scomi Group Berhad's Subsidiary Announces Striking Off Of Sub-subsidiary
Scomi Group Berhad announced that Scomi Oiltools (NZ) Pty Limited, a wholly owned subsidiary of Scomi Oiltools Bermuda Limited, being a wholly owned subsidiary of Scomi Oilfield Limited and which in turn is a subsidiary of the Company, has been struck off from the Register of the New Zealand Companies Office, pursuant to Section 318(1)(d) of the New Zealand Companies Act 1993, with effect from December 23, 2011.
Archer Ltd Announces New Organizational Structure
Archer Ltd announced a new organizational structure centered on four geographic and strategic areas, effective immediately. The Company's new organizational units are: North America (NAM) headquartered in Houston, the United States; North Sea (NRS) headquartered in Stavanger, Norway; Latin America (LAM) headquartered in Buenos Aires, Argentina, and Emerging Markets & Technologies (EMT) headquartered in Stavanger, Norway. This new organization will be reflected in Archer's financial reporting starting with the first quarter 2012 results.
Markets
- Sectors
- U.S.
- Europe
- Asia
Sector Summary
| Energy |  -0.27% |
| Basic Materials | -0.31% |
| Industrials |  +0.02% |
| Cyclical Goods & Services | +0.11% |
| Non-Cyclical Goods & Services | -0.27% |
| Financials | -0.18% |
| Healthcare | -0.09% |
| Technology | -0.01% |
| Telecoms | -0.29% |
| Utilities | -0.35% |
| DOW | 14,932.41 | -42.55 |
-0.28% |
| S&P 500 | 1,614.08 | -0.88 |
-0.05% |
| NASDAQ | 3,433.40 | -1.09 |
-0.03% |
| TR US Index | 146.52 | -0.13 |
-0.09% |
Analyst Research
| Report Title | Price |
|---|---|
|
Provider: SADIF-Investment Analytics, S.A.
|
$25.00
|
|
Provider: GlobalData
|
$250.00
|
|
Provider: GlobalData
|
$125.00
|
|
Provider: GlobalData
|
$125.00
|
|
Provider: GlobalData
|
$125.00
|
NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
