Seadrill completes Aquadrill acquisition
Seadrill has completed its acquisition of Aquadrill, creating an industry-leading offshore drilling company with a modern and high-specification fleet. The company will have a streamlined cost structure and will be well-positioned for further growth.
“We are delighted to have completed the acquisition of Aquadrill, welcoming its fleet back into the Seadrill family,” said Simon Johnson, Seadrill President and CEO. “The management team is focused on efficiently and rapidly integrating the two companies in order to realize the synergies arising from the transaction. Today is a crucial milestone for our company, and we firmly believe that we are well-placed for this industry upcycle. We remain optimistic in the continuing development of the rig market and our ability to deliver further value to our shareholders.”
The combined company will have a backlog of $2.6 billion. It will own 12 floaters, including seven 7th-generation drillships, three harsh-environment rigs, four benign jackups and three tender-assisted rigs. Additionally, seven rigs will be managed under strategic partnerships.
Seadrill will continue to be domiciled in Hamilton, Bermuda. As previously announced, Julie Robertson and Simon Johnson will continue in their respective roles as Chair of the Board of Directors, and President and CEO. In connection with the completion of the transaction, Harry Quarls and Jonathan Swinney were appointed to fill the two new positions on Seadrill’s Board of Directors that were approved at Seadrill’s annual general meeting of shareholders on 21 March 2023.