Seadrill to amass Aquadrill LLC for $958M

Seadrill Restricted and Aquadrill LLC “introduced that they’ve entered right into a definitive merger settlement beneath which Seadrill will purchase Aquadrill in an all-stock transaction. Upon completion of the transaction Seadrill shareholders and Aquadrill unitholders will personal 62% and 38%, respectively, of the excellent frequent shares within the firm. The transaction values Aquadrill at an implied fairness worth of roughly $958 million, based mostly on Seadrill’s 30-day volume-weighted common share value on the NYSE of $31.25 as of twenty-two December 2022. The mixture creates an industry-leading offshore drilling firm, with a contemporary and excessive specification fleet and a streamlined value construction. The corporate might be well-placed to understand estimated annual run charge synergies of at the least $70 million. The corporate may even be well-positioned for additional progress given its stronger credit score and liquidity profile, and to supply engaging money flows.”

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