Seadrill claims control of Scorpion

Seadrill says it has acquired further shares in Scorpion Offshore, taking its total holding in the drilling contractor to 50.11%.

Offshore staff

HAMILTON, Bermuda -- Seadrill says it has acquired further shares in Scorpion Offshore, taking its total holding in the drilling contractor to 50.11%.

In light of this, Seadrill says it plans a new mandatory offer this week for all Scorpion’s remaining shares, as stipulated by the Norwegian Securities Trading Act, at a price per share of NOK 40.50 ($6.305).

Seadrill expects Scorpion’s current directors to resign, and calls on the board to appoint a new team, reflecting Seadrill’s majority ownership.

Alf C. Thorkildsen, CEO of Seadrill Management, said: "The acquisition of Scorpion, when completed, creates the largest modern jackup rig fleet in the world with a total of 14 units built after 2006. It will increase our earnings and strengthen our position as the leading operator of modern high quality drilling equipment."

06/03/2010

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