Offshore Driller Seadrill Eyes Control of Minnow Sevan Drilling
OSLO, June 26 (Reuters) - Seadrill, one of the world's largest offshore drillers and controlled by shipping tycoon John Fredriksen, is considering taking control of small rig firm Sevan Drilling, Seadrill said on Wednesday.
The firm said it was exploring the "opportunity to buy up to 50.1 percent in Sevan Drilling," it said, which is worth about $166 million at current prices.
It already owns 30.4 percent of the firm.
Sevan Drilling owns two rigs that can drill for oil and gas in ultra deep water, at depths of below 1,500 metres (4,900 feet), a growing business for oil companies looking for new reserves.
(Reporting by Gwladys Fouche, editing by Camilla Knudsen)
The products and services herein described in this press release are not endorsed by The Maritime Executive.