Transocean bid on Aker Drilling

Oil drilling contractor Transocean has made an all-cash voluntary offer for 100% of the shares of Norwegian rig owner Aker Drilling. The board of directors of Aker has approved the […]

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By Tom Gibson

Oil drilling contractor Transocean has made an all-cash voluntary offer for 100% of the shares of Norwegian rig owner Aker Drilling.

The board of directors of Aker has approved the NOK26.50 ($4.87) per share offer made by Switzerland-based Transocean.

Steven Newman, President and Chief Executive Officer of Transocean Ltd., said, “Aker Drilling is an excellent strategic fit for Transocean. It allows us to enhance our position in Norway where we have enjoyed a long-term presence and excellent customer relationships. Aker Drilling’s high-quality people and state-of-the-art offshore drilling fleet will ensure that we continue to deliver outstanding service to our customers.”

According to Transocean, the transaction will be funded using existing cash balances and debt facilities. Aker operates in two harsh environment: ultra-deepwater and sixth-generation semi-submersible drilling rigs currently on long-term contract to Statoil and Det Norske in Norway.