Transocean Bids $1.43 Billion for Aker Drilling

Offshore drilling contractor Transocean on Monday launched a $1.43 billion bid for Norway's Aker Drilling with shareholders representing 60.5 percent consenting to the deal.

off shore oil rig
off shore oil rig

The offer price of 26.50 Norwegian crowns per share represents a 98.5 percent premium over Friday's close of 13.35 crowns for the Norwegian company, which was spun off from Aker Solutions earlier this year.

Aker Drilling operates two harsh environment, ultra-deepwater semi-submersible rigs and is expected to take delivery in 2013 of two drillships under construction.

"The transaction is also expected to be immediately accretive to Transocean's earnings," Transocean said in a statement.

Aker Drilling's main owner Aker Capital AS on Sunday agreed to sell its 41 percent stake in the company, and Transocean has also received irrevocable pre-commitments of 19.5 percent of the outstanding shares from other shareholders, including funds managed by TPG-Axon Capital.

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