July 3, 2018 / 7:10 AM / 5 months ago

Seadrill eyes listing of new shares in Oslo for end-July

OSLO, July 3 (Reuters) -

* Offshore drilling rig contractor Seadrill emerges from U.S. Chapter 11 bankruptcy, with effective date July 2

* Seadrill’s old shares traded on the New York Stock Exchange (NYSE) and the Oslo Stock Exchange are suspended and cancelled

* Company plans to continue the dual listing with its new shares starting to trade on NYSE on July 3

* Seadrill expects new shares to start trading in Oslo towards the end of July 2018 or early August 2018, subject to the relevant approvals

* Sparebank 1 Markets estimates Seadrill’s net asset value (NAV) at $2.5 billion and its initial market capitalisation of $840 million, based on the implied value of the new equity issue of $200 million for 23.8 percent stake

* Seadrill raised more than $1 billion in new capital by issuing new equity and $880 in new secured notes

Reporting by Nerijus Adomaitis

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below