Market Overview

Seadrill Partners Prices 11.2M Common Unit Offering at $29.50/Common Unit

Seadrill Partners (NYSE: SDLP) announced today that it priced its offering of 11,200,000 common units representing liability company interests in a public offering at a price of $29.50 per common unit. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,680,000 common units.  In addition, and concurrently with the closing of the public offering, Seadrill Limited ("Seadrill") has agreed to purchase directly from the Company 3,394,916 common units at a price of $29.50 per unit.  The Company intends to use the net proceeds from the public offering and the concurrent private placement to Seadrill to fund its portion of the cash purchase price in connection with the previously announced proposed acquisitions by Seadrill Operating LP and Seadrill Capricorn Holdings LLC of the semi-submersible drilling rigs, the West Leo and the West Sirius, respectively (the "Acquisitions").  Seadrill Partners was formed by Seadrill to own, operate and acquire offshore drilling rigs under long-term contracts. Its current fleet consists of two semi-submersible rigs (the West Capricorn and the West Aquarius), one drillship (the West Capella), two tender rigs (the

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Posted-In: News Guidance Offerings Management Global

 

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