Seadrill Partners sets terms for $184 million US IPO

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Seadrill Partners, a subsidiary of Norwegian oil and gas equipment company Seadrill with interests in three rigs and one drillship, announced terms for its IPO on Monday. The Hamilton, Bermuda-based limited liability company plans to raise $184 million by offering 8.8 million units at a price range of $20 to $22. At the midpoint of the proposed range, Seadrill Partners would command a market value of $869 million. Citi, Morgan Stanley and Wells Fargo are the joint bookrunners on the deal.

The company's drilling rigs are currently under long-term contracts with major oil companies, including Chevron, BP and ExxonMobil, with an average remaining term of 4.1 years. John Fredriksen, the Norwegian-born oil tanker and shipping tycoon worth an estimated $13.2 billion, is founder and Chairman of the parent company, Seadrill Limited ( SDRL ). His other public companies include Frontline ( FRO ) and Golar LNG ( GLNG ). Frontline's shares averaged a 70% annual increase from 1999 through 2007.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs
Referenced Symbols: FRO , GLNG , SDLP , SDRL

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