Transocean Offers $1.4B For Norway's Aker Drilling

Law360, New York (August 15, 2011, 1:32 PM EDT) -- A subsidiary of Swiss offshore drilling giant Transocean Ltd. offered Monday to pay about $1.43 billion in cash for Aker Drilling ASA in order to tap into Aker's existing customer base and its ultra-deepwater rigs off the coast of Norway.

Transocean Services AS said it would buy outstanding shares of Norway's Aker Drilling for $26.50 Norwegian kroner ($4.87) per share — a 62 percent premium over the company's average price for the past month.

"Aker Drilling is an excellent strategic fit for Transocean. It allows us...
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