Seadrill to challenge Sevan Drilling finance terms

Seadrill Ltd. has lifted its stake in Sevan Drilling to 50.1%.

Offshore staff

HAMILTON, Bermuda – Seadrill Ltd. has lifted its stake in Sevan Drilling to 50.1%.

The company says Sevan Drilling’s management’s recently outlined financing plan could be negative for its shareholders.

Seadrill plans to call an extraordinary shareholder meeting to propose a new board for Sevan Drilling, and to take over management of the Sevan rigs through “a more competitive management agreement.”

Pursuant to Section 6 of the Norwegian Securities Act, it also intends to submit a mandatory offer for all shares outstanding in Sevan Drilling that it does not currently own.

6/28/2013

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