New York and Oslo-listed offshore driller Seadrill has completed the acquisition of Aquadrill in an all-stock deal.
As part of the transaction, Aquadrill unitholders received close to 30m shares in Seadrill, which will continue to be domiciled in Hamilton, Bermuda. Julie Robertson and Simon Johnson will continue as board chair and president and CEO, respectively. Harry Quarls and Jonathan Swinney were appointed to fill the two new positions on Seadrill’s board of directors.
Seadrill said it expects to realise around $70m in synergies annually. The company will have a contract backlog of $2.6bn and own 12 floaters, three harsh environment rigs, four benign jackups and three tender-assisted rigs, with seven rigs managed under strategic partnerships.
Commenting on the transaction, Johnson said: “We are delighted to have completed the acquisition of Aquadrill, welcoming its fleet back into the Seadrill family. The management team is focused on efficiently and rapidly integrating the two companies in order to realize the synergies arising from the transaction. Today is a crucial milestone for our Company and we firmly believe that we are well-placed for this industry upcycle. We remain optimistic in the continuing development of the rig market and our ability to deliver further value to our shareholders.”
