Seadrill Partners announces common units offering

Seadrill Partners LLC  plans to offer 6,100,000 common units representing limited liability company interests in a public offering.

In addition, Seadrill Limited (“Seadrill”) has agreed to purchase directly from Seadrill Partners, in a private placement, at least $100.0 million of common units to close concurrently with the public offering of common units.

The Company intends to use the net proceeds from the public offering and the concurrent private placement for general company purposes, which may include acquisitions, repayment of indebtedness and working capital purposes.

Seadrill Partners was formed by Seadrill to own, operate and acquire offshore drilling rigs under long-term contracts. Its current fleet consists of four semi-submersible rigs (the West Capricorn, the West Aquarius, the West Leo and the West Sirius), two drillships (the West Capella and the West Auriga), and three tender rigs (the T-15, the T-16 and the West Vencedor).

BofA Merrill Lynch and Morgan Stanley will act as book running managers for the offering and propose to offer the shares at prevailing market prices or otherwise from time to time through the NYSE, the over-the-counter market, negotiated transactions or otherwise.

 

Press Release, June 19, 2014

 

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