Breaking News

Citigroup Profit Falls 96% on Costs to End Mortgage-Bond Probe
Tweet TWEET

North Atlantic May Seek Oslo Main Board Listing, Seadrill Says

North Atlantic Drilling Ltd. (NADL), which raised $300 million from investors, may still seek to list on the Oslo Bourse’s main board once it starts trading in New York, Seadrill Ltd. (SDRL) Chief Financial Officer Esa Ikaeheimonen said.

“There’s a dual-listing possibility,” he said in an interview in Oslo today. “Our current listing plan is to convert the OTC listing straight into New York.”

Rig operator Seadrill, whose largest owner is billionaire John Fredriksen, today cut its stake in North Atlantic Drilling to 74 percent from 77 percent as part of North Atlantic’s share sale. The reduction means North Atlantic now meets minimum free- float rules in New York, Ikaeheimonen said.

North Atlantic Drilling on Nov. 2 postponed plans to list shares on the Oslo Stock Exchange, citing tax calculations in Norway and the company’s relationship with Seadrill.

North Atlantic plans to complete its New York listing and start trading shares on the exchange during the third quarter, Ikaeheimonen said today. “The documentation is in pretty good order,” he said.

To contact the reporter on this story: Stephen Treloar at streloar1@bloomberg.net; Kristin Myers in Oslo at kmyers16@bloomberg.net

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.