Transocean Services To Buy Aker Drilling

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
1.4BB
Description

To acquire offshore drilling service provider with ultra-deepwater, dual-activity fleet.

Transocean Services AS, Zug, Switzerland, (NYSE: RIG) plans to acquire Aker Drilling, Stavanger, Norway, (Oslo: AKD) for US$1.43 billion in cash.

Transocean will pay US$4.87 (NOK 26.50) per Aker Drilling share, a 62% premium to Aker Drilling’s 30-day average price of NOK 16.39 share, according to Transocean.

Aker Drilling provides offshore drilling services to the worldwide oil and gas industry. Its assets include a ultra-deepwater, dual-activity fleet comprised of two harsh environment, semisubmersible drilling rigs on long-term contracts in Norway and two drillships being constructed in Korea.

Aker Capital AS, a subsidiary of Aker ASA, and other existing shareholders hold 60.5% of outstanding Aker Drilling shares.

Transocean will fund the deal using existing cash balances and debt facilities. The deal is expected to close in September.

Morgan Stanley and Fearnley Fonds / Fearnley Offshore are financial advisors to Transocean Services. Wikborg Rein is legal advisor to Transocean Services.

Goldman Sachs International is financial advisor and BA-HR is legal advisor to Aker Drilling.