M&A Deal Summary

Seadrill Acquires Eastern Drilling ASA

On May 1, 2007, Seadrill acquired energy services and equipment company Eastern Drilling ASA from Lime Rock Partners

Acquisition Highlights
  • This is Seadrill’s 1st transaction in the Energy Services and Equipment sector.
  • This is Seadrill’s 1st transaction in Norway.

M&A Deal Summary

Date 2007-05-01
Target Eastern Drilling ASA
Sector Energy Services and Equipment
Buyer(s) Seadrill
Sellers(s) Lime Rock Partners
Deal Type Add-on Acquisition

Target

Eastern Drilling ASA

Grimstad, Norway
Eastern Drilling was a Norway-based offshore drilling company that developed two sixth-generation semi-submersible drilling rigs for environmentally friendly operations in harsh and deepwater environments.

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Buyer(S) 1

Buyer

Seadrill

Hamilton, Bermuda

Category Company
Founded 2005
Sector Oil/Gas Exploration
Employees3,300
Revenue 1.4B USD (2024)
DESCRIPTION

Seadrill is an offshore drilling company. Seadrill was founded in 2005 and is based in Hamilton, Bermuda.


DEAL STATS #
Overall 1 of 2
Sector: Energy Services and Equipment M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 2
Country: Norway M&A 1 of 1
Year: 2007 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-22 Aquadrill

Reading, United Kingdom

Aquadrill is a limited liability company that owns eight offshore drilling units. The company's fleet consists of four ultra-deepwater drillships, one ultra-deepwater harsh environment semi-submersible, and three tender assist drilling units. The operations and marketing of its drilling units are managed by Diamond Offshore Drilling, Inc., Energy Drilling Management Pte Ltd, and Vantage Drilling International. Aquadrill is based in Reading, United Kingdom.

Buy $958M

Seller(S) 1

SELLER

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.


DEAL STATS #
Overall 11 of 62
Sector: Energy Services and Equipment M&A 8 of 26
Type: Add-on Acquisition M&A Deals 7 of 25
Country: Norway M&A 2 of 6
Year: 2007 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-26 PSL Energy Services

Portlethen, United Kingdom

PSL Energy Services was a provider of well, pipeline, process, and hydraulic services to oil and gas producers worldwide with a particular focus on the testing of pipelines and piping systems and on coiled tubing, pressure pumping, and hydraulic well services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 DUON Dystrybucja

Przezmierowo, Poland

DUON Dystrybucja delivers modern energy solutions to the Polish market through the supply of natural gas, LNG, LPG, and electricity. The company has considerable experience in the distribution and regasification of LNG which is an important market in Poland due to the lack of natural gas infrastructure. DUON Dystrybucja is based in Przezmierowo, Poland.

Buy -