Seadrill: Majority Ownership In Asia Drilling Co.
Bermuda-based Seadrill Limited has acquired 12,190,858 shares of Asia Offshore Drilling Limited. The shares were acquired at a price of US$5.00 per share [equals NOK28.71 based on the USD/NOK exchange rate set by the Norwegian Central Bank on 25 October].
Following this acquisition, Seadrill will be the owner of 25,690,958 shares in the Company, corresponding to 64.23% of the total number of outstanding shares in the Company.
As a consequence, Seadrill will proceed with the launch of a mandatory cash offer for the remaining shares in the Company. Such mandatory offer will be launched as soon as practicably possible, within the time limits set out in chapter 6 of the Norwegian Securities Trading Act.
