Energy
Transocean to Buy Norway's Aker for $1.43B
Stock quotes in this article:RIG
ZUG, SWITZERLAND (TheStreet) -- Transocean(RIG) reached a deal to buy Aker Drilling, a Norwegian drilling contractor, for $1.43 billion.
The price of 26.50 Norwegian crowns a share bid is almost twice Aker Drilling's closing price on Friday. It's also a 62% premium to Aker's 30-day average price, Transocean said in a statement Monday. Holders of 60.5% of Aker's shares have agreed to sell their shares to Transocean. Transocean said the acquisition would be immediately accretive to its earnings. The deal also adds about $1 billion to its backlog. "Aker Drilling is an excellent strategic fit for Transocean," said Steven Newman, president and CEO of Transocean, the No. 1 offshore-drilling contractor. Aker Drilling's fleet is made up of two harsh environment, semisubmersible drilling rigs on long-term contracts in Norway and two drillships under construction in Korea. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.TheStreet Premium Services
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