Offshore staff
HAMILTON, Bermuda — Seadrill has entered a merger agreement with UK-based Aquadrill LLC, involving an all-stock transaction that values Aquadrill at about $958 million.
On completion, Seadrill shareholders and Aquadrill unitholders will own 62% and 38%, respectively, of the combined operation.
The transaction has secured approvals from the boards of the two companies and Aquadrill’s unitholders, and it does not require sanction from Seadrill shareholders.
The merged operation will continue to be named Seadrill and will remain based in Seadrill, with a combined contract backlog of $2.8 billion.
It will own 12 floaters (including seven seventh-generation drillships), three harsh-environment rigs, four benign jackups and three tender-assist rigs, and the company will manage a further seven rigs under strategic partnerships.
Other advantages, Seadrill said, include a diversified portfolio of contract coverage, with additional active fleet capacity to deploy in improving markets throughout the Golden Triangle region in the Atlantic.
The boards of the two current companies expect to achieve at least $70 million annually, in part through logistics, supply chain and inventory efficiencies, and capex savings.
Pending regulatory approvals and other customary conditions, the transaction should close in mid-2023.
01.03.2023
