HAMILTON, Norway, Dec. 14, 2007 (PRIME NEWSWIRE) -- Seadrill Limited has decided to make a voluntary offer to purchase all outstanding shares in Aker Drilling ASA, a company listed on the Oslo Stock Exchange with ticker "AKD." The intended offer price is NOK40.50 per share, reflecting a total valuation of Aker Drilling's equity of NOK3.77 billion.
The making of the offer is subject to Seadrill being allowed to verify its valuation of Aker Drilling through a due diligence review of its assets and financing. Seadrill will approach the board of Aker Drilling today with a formal request to be allowed to complete such a review. It is expected that the review will be completed within two weeks from its commencement.
Subject to the due diligence review confirming Seadrill's value assumption, the offer will be made in cash subject only to Seadrill becoming the owner of more than 90 percent of the shares in Aker Drilling following completion thereof.
The offer will be presented in an offer document complying with the requirements of the Norwegian Securities Trading Act. The offer document will be submitted to the Oslo Stock Exchange for approval before being circulated to all of Aker Drilling's shareholders.
Seadrill currently owns 3,103,230 shares in Aker Drilling. Seadrill controls a further 20,116,500 shares pursuant to forward agreements whereafter its total holding of Aker Drilling's shares as of the date hereof is approximately 25 percent.
Assuming the offer is successful, Seadrill intends to supplement this with a mandatory offer in accordance with the rules of the Securities Trading Act.
Seadrill Limited Hamilton, Bermuda December 14, 2007