SeaBird and Energy Drilling firm up merger deal

Marine seismic specialist SeaBird Exploration and Singapore’s tender drilling rig specialist Energy Drilling have signed a final transaction agreement which will see the two companies merge in a share-for-share deal.

The move follows a letter of intent in February aimed at creating a diversified offshore oil and gas services player.

SeaBird has two seismic vessels in its fleet, while the Pioneer Logistics-backed Energy Drilling counts six tender rig assets in Southeast Asia.

Once the transaction is completed, the company will change its name to SED Energy Holdings and be listed on the stock exchange. Shareholders of Energy Drilling will own about 89% of the new company.

“This transaction combines two complementary businesses, creating a company with strong market positions and a clear focus on cash generation and distributions. We look forward to the future as Energy Holdings, leveraging our combined strengths for long-term value creation,” said Alf Thorkildsen, chairman of Energy Drilling.