Seadrill Acquires Majority Stake in Sevan Drilling

Bermuda-headquartered Seadrill announced it entered into two forward agreements for a total of 297,893,964 shares of Sevan Drilling ASA. 

‘Seadrill controls 297,941,358 shares of Sevan, either through direct ownership or forward agreements, representing 50.11% of all issued shares of Sevan,’ reads a note released on Thursday.

Both the agreements expire on November 6, 2014. 

Earlier this year, Seadrill reported a 131% year-on-year increase in net income to 2,786 million dollar .

‘The combination of attractive shipyard prices and high market rates creates what we see as a unique investment environment. The investment opportunity is further improved by increased demand for higher specification units and by limited ordering from our major competitors,’ said the company in the note reporting the second quarter 2013 results.