Nov 2024
Conyers provided Bermuda and Cayman law advice to Shelf Drilling, Ltd. (“Shelf Drilling”), a Cayman company listed on the Oslo Stock Exchange, in connection with Shelf Drilling’s acquisition of 100% of Shelf Drilling (North Sea), Ltd. (“SDNS”). The acquisition was completed through a merger between SDNS, a Bermuda company listed on the Euronext Growth Oslo, and Shelf Drilling Bidco, Ltd., an indirect subsidiary of Shelf Drilling.
As part of the merger shareholders of SDNS received 1.05 shares in Shelf Drilling and cash of NOK 8.00 per SDNS share. The total consideration amounted to approximately 42 million new shares in Shelf Drilling and US$30 million in cash. Following the merger SDNS remains listed on the Euronext Growth Oslo, and Shelf Drilling as the combined company trades on the Oslo Stock Exchange under the ticker “SHLF”.
Shelf Drilling is a leading international shallow water offshore drilling contractor with rig operations across the Middle East, Southeast Asia, India, West Africa and the Mediterranean. SDNS is a shallow water offshore drilling contractor operating primarily in the North Sea.
Director Guy Cooper and Associates Andrew Barnes and Sophia Collis of Conyers’ Bermuda office and Partner Theo Lefkos and Counsel Jennifer Sangaroonthong of Conyers’ Cayman office advised on the matter alongside Thommessen, Norwegian counsel to Shelf Drilling.