Seawell to acquire Allis-Chalmers Energy

The board of directors for Seawell Ltd. and Allis-Chalmers Energy have unanimously approved a definitive merger agreement for Seawell to aquire Allis-Chalmers Energy for about $890 million.

Offshore staff

HAMILTON, Bermuda -- The board of directors for Seawell Ltd. and Allis-Chalmers Energy have unanimously approved a definitive merger agreement for Seawell to aquire Allis-Chalmers Energy for about $890 million.

The combined company will operate drilling and well services in more than 30 oil and gas regions including the US, Gulf of Mexico, Brazil, Argentina, North Sea, Middle East, Africa, and Southeast Asia-Pacific.

Upon completion of the merger, Jørgen Peter Rasmussen will be CEO, president, and a member of the board of directors. Thorleif Egeli will be COO and executive VP.

Rasmussen said: "The merger will allow the combined company to grow the business and profitability faster than each of the companies on their own.”

08/13/2010

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