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Seadrill to bid for entire Scorpion Offshore
Tuesday 13 April 2010

Bermuda-based offshore drilling group Seadrill (OSL:SDRL) announced on Monday it would launch a mandatory takeover bid to buy out the residual shares of sector player Scorpion Offshore (OSL:SCORE), after it lifted its interest in the latter to 40.1%.

Seadrill, which acquired 1.3 million Scorpion Offshore shares at NOK36 (USD6.11/EUR4.49) apiece, believes its holding in Scorpion Offshore is a long-term, strategic investment. Therefore, the company said it plans to request a shareholder meeting, which would elect a new board of Scorpion Offshore reflecting its changed ownership structure.

To fund the offer for Scorpion Offshore, Seadrill will issue up to 12.5 million shares in a private placement.
Details
Date Published: 13/04/2010
Target: Scorpion Offshore Ltd
Country: Norway, Bermuda
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Financing: Rights issue
Status: Bidding
Buyer: Seadrill Ltd

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