Aquadrill (the previous Seadrill Partners) has a fleet that features 4 drillships
Offshore drilling contractors Seadrill Limited (NYSE & OSE: SDRL) and Aquadrill LLC have entered right into a definitive merger settlement that may see Seadrill purchase Aquadrill in an all-stock transaction.
On completion of the transaction Seadrill shareholders and Aquadrill unitholders will personal 62% and 38%, respectively, of the excellent frequent shares within the Company. The transaction values Aquadrill at an implied fairness worth of roughly $958 million, primarily based on Seadrill’s 30-day volume-weighted common share worth on the NYSE of $31.25 as of December 22, 2022.
Reading, U.Ok., headquartered Aquadrill, which emerged from Chapter 11 restructuring in on May 24, 2021, is the previous Seadrill Partners and owns a fleet of eight offshore drilling units: 4 ultra-deepwater drillships, one ultra-deepwater semi-submersible and three tender help drilling models.
Commenting on the transaction, Simon Johnson, Seadrill’s president and CEO stated, “At Seadrill we seek to deliver safe and effective operations as the bedrock for generating returns for our shareholders. Seadrill and Aquadrill have a long and rich strategic and operational management history. Our shared heritage will promote efficient integration of the two companies. I look forward to welcoming the Aquadrill fleet back into the Seadrill family.”
Steven Newman, Aquadrill’s Chief Executive Officer, stated, “We believe this combination will create the most value for our shareholders and will create an excellent platform for high quality service delivery to our customers.”
The transaction has been authorized by the boards of each firms. The required approval of Aquadrill’s unitholders has additionally been obtained. The transaction doesn’t require Seadrill shareholder approval.
Aquadrill unitholders and fairness award holders will in mixture obtain 30,645,160 frequent shares of Seadrill, representing 38% possession within the firm, or roughly 36.6% on a fully-diluted foundation. Following completion of the transaction, Aquadrill will grow to be an entirely owned subsidiary of Seadrill.
Aquadrill unitholders who collectively personal greater than 75% of Aquadrill’s frequent models have agreed to approve the transaction. No additional vote of Aquadrill unitholders is required in respect to the transaction. The transaction doesn’t require Seadrill shareholder approval. The transaction is, nonetheless, topic to relevant regulatory approvals and different customary situations, and is predicted to shut in mid 2023.
The firm will stay named Seadrill Limited and can proceed to be domiciled in Hamilton, Bermuda. Julie Robertson and Simon Johnson will proceed of their respective roles as chair of the board of administrators, and president and chief government officer.
