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.
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