(Reuters) - Norwegian offshore driller Seadrill Ltd has entered into an agreement to buy Aquadrill LLC in an all-stock deal that values the British firm at $958 million, the companies said on Friday.
As part of the deal, the unitholders of the UK-based offshore driller Aquadrill will receive about 30.65 million shares of Seadrill, which represents a 38% ownership in the company, they said in a joint statement.
The deal is expected to help Seadrill realise around $70 million in synergies annually.
The $958 million value is based on Seadrill's 30-day volume-weighted average share price on the NYSE of $31.25 as of Dec. 22, it said.
Following the completion of the deal, Aquadrill will become a wholly-owned subsidiary of Seadrill, the statement added.