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Seadrill to acquire Aquadrill LLC for $958M

Seadrill Limited and Aquadrill LLC "announced that they have entered into a definitive merger agreement under which Seadrill will acquire Aquadrill in an all-stock transaction. Upon completion of the transaction Seadrill shareholders and Aquadrill unitholders will own 62% and 38%, respectively, of the outstanding common shares in the company. The transaction values Aquadrill at an implied equity value of approximately $958 million, based on Seadrill’s 30-day volume-weighted average share price on the NYSE of $31.25 as of 22 December 2022. The combination creates an industry-leading offshore drilling company, with a modern and high specification fleet and a streamlined cost structure. The company will be well-placed to realize estimated annual run rate synergies of at least $70 million. The company will also be well-positioned for further growth given its stronger credit and liquidity profile, and to provide attractive cash flows."

Published first on TheFly

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