New York and Oslo-listed offshore driller Seadrill has struck a deal to buy Aquadrill in an all-stock deal that values the UK-headquartered rig owner at $958m.
The deal, approved by both companies’ boards, will see Aquadrill unitholders own 38% of Seadrill upon completion, expected in mid-2023.
Aquadrill will become a wholly owned subsidiary of 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.
Seadrill said it expects to realise around $70m in synergies annually. The company will have a contract backlog of $2.8bn and own 12 floaters, three harsh environment rigs, four benign jackups and three tender-assisted rigs, with seven rigs managed under strategic partnerships.
