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Transocean offers to buy Aker Drilling for $1.4B; focus on Arctic capabilities

Transocean Services AS, the world’s largest offshore drilling contractor, is offering to buy 100% of the shares of Aker Drilling ASA in a $1.4 billion cash deal. The Board of Directors of Aker Drilling has unanimously recommended that its shareholders accept the Offer.

Aker Drilling operates two harsh environment, ultra-deepwater, sixth-generation semi-submersible 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. The payment obligation when the drillships are delivered is $0.90 billion.

Aker Drilling will contribute approximately $1.05 billion in firm contract backlog. The transaction is also expected to be immediately accretive to Trans ocean’s earnings.

The Offer document is expected to be sent to Aker Drilling shareholders the week of 21 August 2011. The initial duration of the Offer period will be 20 US business days. In the event the conditions of the Offer are not satisfied or waived by Transocean, the Offer will expire.

Transocean—which owned the Deepwater Horizon— is the leading provider of drilling management services worldwide. Transocean owns or operates a contract drilling fleet of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 51 Standard Jackups and one swamp barge.

Comments

ToppaTom

"DNV summer project concludes drilling in Arctic could cost 4x drilling in North Sea."

http://www.greencarcongress.com/2011/08/dnv-20110815.html

I think they used the global climate change data base.

"In combination with accurate data on actual arctic
field sizes this will provide a better decision foundation for whether or not to engage in Arctic drilling operations", they said.

"found that Arctic drilling would require a massive need for new technologies, improved standards and increased arctic research."

Yes, a study that says more studies are needed, government funded I assume.

Here we see that "Transocean offers to buy Aker Drilling for $1.4B; focus on Arctic capabilities."

We'll see.


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