Fossil Energy – Drilling Merger
Seadrill and Aquadrill 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.
Following completion of the transaction, Aquadrill will become a wholly owned subsidiary of Seadrill.
As of November 30, 2022, Seadrill and Aquadrill had a combined cash balance of approximately US$628 million, including approximately US$133 million of restricted cash, and a combined debt balance of approximately US$521 million.
