Conyers advised Seadrill Limited on the Bermuda law aspects of its acquisition of Aquadrill LLC (formerly known as Seadrill Partners). The acquisition used a Marshall Islands reverse triangular merger and resulted in Aquadrill becoming a wholly owned subsidiary of Seadrill.
As part of the transaction, Seadrill issued an aggregate of approximately 29 million common shares to former Aquadrill unit holders and equity award holders as merger consideration. Pursuant to a registration rights agreement with certain Aquadrill unit holders, customary demand and piggyback registration rights were granted in relation to such shares.
Seadrill is a leading offshore drilling contractor listed on both the New York Stock Exchange and Euronext Oslo Børs (NYSE & OB: SDRL)
Bermuda Director Jennifer Panchaud, London Counsel Karoline Tauschke and Bermuda Associate Lauren Pereira advised on the transaction, which completed on 3 April 2023, working alongside Baker Botts LLP.