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