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The board of Sevan Marine ASA (“Sevan Marine”) will today submit an application for a listing of Sevan Drilling ASA (“Sevan Drilling”) as an independent company on the main list of the Oslo Stock Exchange. Sevan Marine has decided to organize Sevan Marine’s drilling activities into a new company to further grow and develop its ultra deep water (“UDW”) rig business. In connection with the initial public offering (“IPO”), Sevan Drilling has entered into letters of intent (“LOIs”) for the building of two UDW rigs with options for another two. It is expected that the initial public offering towards institutional and private investors will comprise a share issue of up to USD 350 million and a secondary sale of shares by Sevan Marine, with the aim of Sevan Marine holding approx. 20% of the shares post IPO. The initial public offering is expected to commence in April.
- We are experiencing continued interest in our modern UDW rigs. We see a healthy and increasing demand for such rigs going forward. We believe that a separate listing will increase the visibility of the underlying values of the business to the benefit of our shareholders. Independence will act as a catalyst for further growth for both the FPSO and the drilling business, says Jan Erik Tveteraas, CEO of Sevan Marine. |
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