Seadrill's North Atlantic Drilling files for $40 million U.S. listing


Seadrill's North Atlantic Drilling files for $40 million U.S. listing

NEW YORK--North Atlantic Drilling Ltd., a subsidiary of Seadrill Ltd., disclosed plans to launch a U.S. offering worth as much as $40 million in an initial prospectus filed with regulators Wednesday.

The $40 million specified in the company's registration represents a placeholder for calculating SEC fees. The amount North Atlantic actually lists could differ from the amount listed in Wednesday's filing.

The company was formed in 2011 by Seadrill, an offshore-drilling contractor. North Atlantic didn't specify the number of shares it plans to offer to new investors or a potential price range in its filing with the Securities and Exchange Commission. North Atlantic said it applied to list on the New York Stock Exchange under the symbol NADL.

North Atlantic is incorporated in Bermuda and operates nine offshore drilling rigs off Norway and the U.K.

It leases rigs to oil companies and currently has contracts with Norway's Statoil ASA, ConocoPhillips, Royal Dutch Shell, Total AS and Exxon Mobil Corp..

Seadrill announced the confidential submission of North Atlantic's draft registration to the SEC in October. Wednesday's filing starts the clock on a three-week period before the company can launch its "road show" to pitch the initial public offering to investors.

North Atlantic has never listed shares in the U.S., but shares currently trade in the Norwegian over-the-counter market.

Energy-related IPOs that pay dividends have been a hot trend in the market in recent months. North Atlantic Drilling's board of directors announced a quarterly dividend of 23 cents last month, according to the SEC filing.

The company's filing said the proceeds would be used for general corporate purposes and working capital.

Morgan Stanley  is listed in the filing as the sole underwriter.
Dow Jones Newswires


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