Deal Description: Seadrill Limited (“Seadrill”) and Aquadrill LLC (“Aquadrill”) announced today that they have entered into a definitive merger agreement under which Seadrill has agreed to acquire Aquadrill in a stock-for-stock merger. The companies expect the transaction to close in the first half of 2023, subject to certain customary conditions. The transaction represents approximately $960 million equity value.

Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. Seadrill’s high-quality, technologically advanced fleet spans all asset classes allowing its experienced crews to conduct operations from shallow to ultra-deep-water environments.

Aquadrill owns eight offshore drilling units, including four ultra-deepwater drillships, one ultra-deepwater harsh environment semi-submersible and three tender assist drilling units.

Baker Botts is representing Seadrill in the transaction.

For more information, please see the full news release here.

Baker Botts Lawyers/Office Involved:

Corporate: David Emmons (Partner, Dallas), Clint Rancher (Partner, Houston), Josh Gonzales (Associate, Houston), Marshall Heins (Associate, Houston), Michael Donnellan (Associate, Houston), Daniel Jung (Associate, Houston)

Antitrust: Tom Fina (Partner, Washington, D.C.), Jeff Oliver (Partner, Washington, D.C.), Paul Lugard (Partner, Brussels), Michael Bodosky (Special Counsel, Washington, D.C.), Roxanne Tonnelier (Senior Associate, Brussels)

Tax: Derek Green (Partner, Houston), Katie McEvilly (Senior Associate, Houston)

Employee Benefits: Robin Melman (Partner, New York), Katie Birnhak (Associate, New York)

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