Seadrill’s Bid for Sevan Marine Falls Short

sevan drilling
Image: Sevan Drilling

After spending NOK 461 million for a 50.1 percent majority stake in deepwater drilling contractor Sevan Drilling, Seadrill was required by the Norwegian Securities Trading Act to make an offer for all remaining shares of the company.

On July 24, an offer was made, however it didn’t gain sufficient interest from shareholders and as of today, the acceptance period of the offer has expired.

In fact, only 0.01% of shareholders accepted the offer from Seadrill according to an exchange statement today.