The Company and Shandong Offshore International Company Limited (the “Parent”) made an agreement on the terms of a recommended cash acquisition of the Company by the Acquirer, a wholly owned subsidiary of the Parent (the “Acquisition”). The Acquisition was implemented by way of an amalgamation (the “Amalgamation”) under Bermuda law at an acquisition price of NOK 7.59 per NOF share, payable in cash (the “Acquisition Price”) with the amalgamated company to be called Northern Offshore, Ltd.
As a result of the Amalgamation, with the exception of the Norwegian continental shelf, the Company is able to operate in all major petroleum resource regions around the world. Combining the four (4) under construction high spec jackups of Blue Ocean Drilling with Northern Offshore’s two (2) under construction state of the art jackups with deliveries in 2016 through early 2018.
David Cooke and Kathleen Moniz acted on the matter