Nordic Business Report-April 20, 2006-SeaDrill Ltd subsidiary to initiate compulsory acquisition of Smedvig ASA shares
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Norwegian-controlled, Bermuda-based drilling contractor SeaDrill Ltd said on Thursday (20 April) that its subsidiary, Smedvig Holding AS, now holds 99.4% of the votes and 96.8% of the capital in the Norwegian offshore drilling contractor Smedvig ASA.
Adjusted for Smedvig's own shares, Smedvig Holding AS controls 99.2% of the Smedvig capital.
The board of directors has therefore decided to initiate a compulsory acquisition by Smedvig Holding AS of the remaining shares in Smedvig ASA. Smedvig would at the same time apply to the Oslo Stock Exchange for a delisting of its shares.
A wholly owned subsidiary, SeaDrill Management AS, has been incorporated by SeaDrill in order to organise the management functions to be located in Stavanger, Norway.
The Singapore management organisation would be organised in the already existing subsidiary SeaDrill Management (S) Pte Ltd.
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