Transocean offers to buy Aker Drilling

Offshore staff

ZUG, Switzerland – Transocean Services AS has made an all-cash offer to acquire 100% of Aker Drilling.

Transocean says it currently has commitments to sell from holders of 60.5% of the outstanding shares and that the NOK 26.50/share ($5.027/share) offer is a 62% premium above the 30-day average stock price. That would make the total cost of acquisition to $1.43 billion.

Aker Drilling has two harsh environment, ultra-deepwater, sixth-generation semisubmersible rigs currently on long-term contract to Statoil and Det Norske in Norway. In 2013, Aker Drilling is expected to take delivery of two sixth-generation drillships currently under construction at the DSME shipyard in Korea.

There are several terms and conditions surrounding completion of the share offer.

08/15/2011



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