SDRL - Seadrill Limited sells the semi-submersible rigs West Leo and West Sirius to Seadrill Partners LLC
(Thomson Reuters ONE) -
Hamilton, Bermuda, December 02, 2013 - Seadrill Limited (NYSE: SDRL) (the
"Company") announced today that it has entered into an agreement with Seadrill
Partners ("Seadrill Partners") pursuant to which the Company will sell to (i)
Seadrill Operating LP, the Company's 70% owned subsidiary ("Seadrill
Operating"), all of the ownership interests in the entities that own and operate
the semi-submersible drilling rig, the West Leo (the "Leo Dropdown"), and (ii)
Seadrill Capricorn Holdings LLC, the Company's 49% owned subsidiary ("Capricorn
Holdings"), all of the ownership interests in the entities that own and operate
the semi-submersible drilling rig, the West Sirius (the "Sirius Dropdown"). The
Leo Acquisition and the Sirius Acquisition (collectively, the "Dropdowns") will
be accomplished through a series of purchases, contributions and assumptions of
debt. The Dropdowns are subject to the satisfaction of certain closing
conditions.
Financing of the Acquisitions
The implied purchase price of the Leo Dropdown is $1.250 billion, including
working capital. The Seadrill Partners' portion of the purchase price for the
Leo Dropdown will be $229.4 million. In addition, a subsidiary of Seadrill
Operating intends to enter into a $485.5 million intercompany loan agreement
with the Company (the "Leo Loan Agreement"), which will require it to make
payments of principal and interest under the credit facility that Seadrill used,
in part, to construct the West Leo.
The implied purchase price of the Sirius Dropdown is $1.035 billion, including
working capital. Seadrill Partners' portion of the purchase price for the Sirius
Dropdown will be $298.4 million. Seadrill Partners intends to fund $70.0 million
of the purchase price by issuing a zero coupon discount note to the Company that
matures in June 2015. Upon maturity of such note, Seadrill Partners will repay
$72.6 million to the Company. In addition, a subsidiary of Capricorn Holdings
intends to enter into a $220.1 million intercompany loan agreement with the
Company, which will require Capricorn Holdings to make payments of principal and
interest under the credit facility used to finance the West Sirius. In addition,
Capricorn Holdings intends to finance $229.9 million of the purchase price by
issuing a zero coupon discount note to the Company that matures in June 2015.
Upon maturity of such note, Capricorn Holdings will repay $238.5 million to the
Company.
Seadrill Partners intends to satisfy the cash portion of its purchase price of
the Acquisitions with the proceeds of equity issuances and borrowings from the
Company.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding the Company's ability to complete the Dropdowns are considered forward
looking statements. These statements are made based upon management's current
plans, expectations, assumptions and beliefs concerning future events impacting
the Company and therefore involve a number of risks, uncertainties and
assumptions that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements, which speak only as of
the date of this news release. Important factors that could cause actual results
to differ materially from those in the forward looking statements include, but
are not limited to, the performance of the drilling rigs in the Company's fleet,
delay in payment or disputes with customers, fluctuations in the international
price of oil, changes in governmental regulations that affect the Company or the
operations of the Company's fleet, increased competition in the offshore
drilling industry, and general economic, political and business conditions
globally. Consequently, no forward looking statement can be guaranteed. When
considering these forward looking statements, you should keep in mind the risks
described from time to time in the Company's filings with the SEC, including its
Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no
obligation to update any forward looking statements to reflect events or
circumstances after the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to time, and it
is not possible for the Company to predict all of these factors. Further, the
Company cannot assess the impact of each such factor on its business or the
extent to which any factor, or combination of factors, may cause actual results
to be materially different from those contained in any forward looking
statement.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
December 2, 2013
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via GlobeNewswire
[HUG#1747274]
Unternehmensinformation / Kurzprofil:
Datum: 03.12.2013 - 08:57 Uhr
Sprache: Deutsch
News-ID 322009
Anzahl Zeichen: 6000
contact information:
Town:
Hamilton
Kategorie:
Business News
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