Oil & Gas Drilling

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Sevan Drilling ASA Outsources Rig Management to Seadrill Ltd

Tuesday, 17 Sep 2013 03:32am EDT

Sevan Drilling ASA announced that the Company has been in the process of establishing agreements for the outsourcing of the rig management to Seadrill Ltd since Seadrill's acquisition of controlling stake in Sevan Drilling. The permanent management agreements have now been agreed and executed. Seadrill will provide management for the operation of Sevan Driller, Sevan Brasil, Sevan Louisiana and, ultimately, Sevan Drilling Rig 4. In respect of rig 4, Seadrill will also take responsibility for preparations for operations and mobilization and marketing of all rigs, as well as providing construction support. The agreements have been negotiated on market terms and are consistent with management agreements provided by Seadrill to other entities.

Sevan Drilling ASA Announces Intra-Group Merger between Sevan Drilling ASA and Wholly Owned Subsidiaries

Tuesday, 18 Jun 2013 02:57am EDT

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.

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