Seadrill Limited completed the acquisition of an unknown minority stake in Aquadrill LLC.
April 02, 2023
Share
Seadrill Limited agreed to acquire an unknown minority stake in Aquadrill LLC for approximately $920 million on December 22, 2022. The transaction values Aquadrill at an implied equity value of approximately $958 million. Upon completion of the transaction Seadrill shareholders and Aquadrill unitholders will own 62% and 38%, respectively. The transaction has been approved by the Boards of Directors of both Seadrill and Aquadrill. The required approval of Aquadrill's unitholders has also been obtained. The transaction does not require Seadrill shareholder approval. Seadrill Limited announces that it has filed a registration statement on Form F-4 that includes a prospectus of Seadrill with the U.S. Securities and Exchange Commission in connection with the issuance of common shares to certain Aquadrill unitholders and equity award holders in regard to the proposed all-stock acquisition of Aquadrill. The transaction is, however, subject to applicable regulatory approvals and other customary conditions, and is expected to close in mid 2023.
Citibank International Limited is serving as sole financial advisor and David Emmons, Clint Rancher, Tom Fina, Jeff Oliver, Paul Lugard, Derek Green and Robin Melman of Baker Botts L.L.P. and Advokatfirmaet Thommessen AS are serving as legal counsel to Seadrill. Intrepid Partners, LLC is serving as sole financial advisor and Akin Gump Strauss Hauer & Feld LLP and Advokatfirmaet Schjødt AS are serving as legal counsel to Aquadrill. Hillary H. Holmes of Gibson, Dunn & Crutcher LLP is acting as legal advisor to Intrepid Partners, LLC.
Seadrill Limited completed the acquisition of an unknown minority stake in Aquadrill LLC on April 3, 2023. As of May 23, 2023, Aquadrill Acquisition, Harry Quarls and Jonathan Swinney were appointed to serve on Seadrill?s Board of Directors. Seadrill added $470 million in Order Backlog on April 3, 2023. Jennifer Panchaud of Conyers Dill & Pearman LLP and Karoline Tauschke of Conyers Dill & Pearman, London Office acted as legal advisors to Seadrill Limited. Patrick J. Hurley of Paul Hastings LLP acted as legal advisor to Aquadrill.
Seadrill Limited is an offshore drilling contractor. The Company is engaged in providing worldwide offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, and jackup rigs for operations in shallow to ultra-deepwater in both benign and harsh environments. Its fleet portfolio includes West Phoenix, West Aquarius, West Eclipse, Sevan Louisiana, West Capella, West Gemini, West Tellus, West Neptune, West Jupiter, West Saturn, West Carina, West Polaris, West Auriga, West Vela, West Castor, West Tucana, West Telesto, West Prospero, and West Elara. Its drillships are self-propelled ships equipped for drilling offshore in water depths ranging from 1,000 to 12,000 feet and are positioned over the well through a computer-controlled thruster system. Its customers include oil super-majors, state-owned national oil companies, and independent oil and gas companies. It also provides management services.