Seadrill Limited has completed its acquisition of Aquadrill LLC, according to the company's release. As a result of the transaction, Aquadrill became a wholly owned subsidiary of Seadrill. In connection with the completion of the transaction, Seadrill issued an aggregate 29,866,505 common shares to former Aquadrill unitholders and equity award holders, resulting in issued share capital of $798,665.03 divided into a total of 79,866,503 Seadrill common shares, each with a par value of $0.01, validly issued, and fully paid and non-assessable.
The combination creates an industry-leading offshore drilling company, with a modern and high specification fleet. The company will have a streamlined cost structure and will be well-positioned for further growth given its stronger credit and liquidity profile, providing attractive cash flows.
The combination of Seadrill and Aquadrill presents a compelling strategic rationale for all stakeholders:
Creation of a leading offshore driller with best-in-class fleet: The company will be in a strong position to serve a broader range of customers, with one of the youngest and most technologically advanced fleets in the industry, and a combined backlog of $2.6 billion.
The company will own 12 floaters (including seven 7th generation drillships), three harsh environment rigs, four benign jack-ups, and three tender-assisted rigs. Additionally, seven rigs will be managed under strategic partnerships.
Increased exposure and upside to the improving market: The company will have a diversified portfolio of contract coverage, with additional active fleet capacity to deploy in a rising market environment across critical basins in the Golden Triangle.
Seadrill is an offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe.