Seadrill ASA (OSE: SDRL, NYSE: SDRL) reiterated that it is intending to list its Brazilian subsidiary, Seabras Servios de Petrleo S.A. in Sao Paolo stock exchange and also said that subsequent to second filing with Brazilian Securities and Exchange Commission Seabras has agreed with Petrobras to make some changes to its corporate structure.
Seadrill now says it will not be possible to complete the proposed restructuring and receive consent from lenders within the time limit for filing mentioned in earlier. Therefore it will not be possible to file the planned ~750 million Euro IPO on earlier communicated date of February 9th. The company now estimates the offering to take place in April.
The listing is seen as a continuum of the recent movement by oil tanker and shipping tycoon John Fredriksen, who is a major owner in Seadrill, to focus on offshore. Relations with Petrobras and the company’s standing in Brazil in general are expected to be strengthened as a result. The drilling potential in Brazil is seen as very large. Most analysts view this announcement as just that, a delay because of practical issues.
OSLO BØRS has placed Seabird under Special observation, which is a measure attached to companies for which present circumstances make the pricing of the shares particularly uncertain. Price quotation of the company will then be looked into in more detail. Investors in different countries should be aware that dividends from a company listed in Bermuda such as Seadrill may be treated differently, for example as personal income rather than as capital gains, by the tax officials. Seadrill is down 1.2% which is pretty much in line with the general decline in Oslo exchange so far today.
No comments:
Post a Comment