Smedvig
Encyclopedia
Smedvig ASA, was a Norwegian
offshore oil rig
company
headquartered in Stavanger
until it was acquired (January 2006) by rig newcomer SeaDrill. At time of the merger Smedvig operated two semi submersibles, one drillship and one jack up rig in the Norwegian and British sector of the North Sea
. A fleet of seven tender rigs were operated in South East Asia from the Singaporean subsidiary Smedvig Asia. As part of the merger, Smedvig's staff was transferred to Seadrill with Smedvig senior personnel assuming key positions in Seadrill (CEO, CFO etc.). Smedvig was delisted from the OSE and NYSE. Tanker mogul John Fredriksen
is the major stake holder in SeaDrill
. Seadrill is listed on the Oslo Stock Exchange
.
company Peder Smedvig Shipping Company by Peder Smedvig. Between 1917 and 1959 Smedvig was also in the canning
industry. In the 1960s the company entered the oil age with investments in supply ships, oil tankers
and in 1973 the first drilling rig. The company acquired multiple rigs throughout the 1970s and 1980s and in 1988 it bought the competitor Dyvi Offshore.
In 1989 the company was reorganised as a holding company
for the Smedvig family's drilling operations and in 1990 the company was listed on the Oslo Stock Exchange
. Between 1991 and 1998 the company was also engaged in floating oil production
.
In December 2005 rumours circulated of Fredriksen-controlled firm SeaDrill bidding for Smedvig, and since has been in a bidding war with U.S. company Noble Corporation
. But it was announced in late January 2006 that SeaDrill had bought more than 50 percent of Smedvig, and therefore gained control of the company (51.24 percent of the votes and 52.27 percent of the capital). The purchase is Fredriksen's biggest deal ever.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
offshore oil rig
Oil platform
An oil platform, also referred to as an offshore platform or, somewhat incorrectly, oil rig, is a lаrge structure with facilities to drill wells, to extract and process oil and natural gas, and to temporarily store product until it can be brought to shore for refining and marketing...
company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
headquartered in Stavanger
Stavanger
Stavanger is a city and municipality in the county of Rogaland, Norway.Stavanger municipality has a population of 126,469. There are 197,852 people living in the Stavanger conurbation, making Stavanger the fourth largest city, but the third largest urban area, in Norway...
until it was acquired (January 2006) by rig newcomer SeaDrill. At time of the merger Smedvig operated two semi submersibles, one drillship and one jack up rig in the Norwegian and British sector of the North Sea
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
. A fleet of seven tender rigs were operated in South East Asia from the Singaporean subsidiary Smedvig Asia. As part of the merger, Smedvig's staff was transferred to Seadrill with Smedvig senior personnel assuming key positions in Seadrill (CEO, CFO etc.). Smedvig was delisted from the OSE and NYSE. Tanker mogul John Fredriksen
John Fredriksen
John Fredriksen, is a Norwegian-born Cypriot oil tanker and shipping tycoon, owner of the world's largest oil tanker fleet, and was Norway's richest man until he chose to abandon his Norwegian citizenship and take up a Cypriot passport. Norwegian magazine Kapital listed Fredriksen in 2010 with a...
is the major stake holder in SeaDrill
SeaDrill
Seadrill is a Norwegian-Bermudan offshore drilling company with operations in Angola, Brunei, the Republic of Congo, Indonesia, Malaysia, Nigeria, Norway, Thailand and the United Kingdom. The company operates Semi-submersibles, Jack ups, Tender rigs, Semi-Tenders and Drillships. The company is...
. Seadrill is listed on the Oslo Stock Exchange
Oslo Stock Exchange
The Oslo Stock Exchange serves as the main market for trading in the shares of Norwegian companies. It opens at 9:00am and closes 5:30pm local time...
.
History
Smedvig started in 1915 as the shippingShipping
Shipping has multiple meanings. It can be a physical process of transporting commodities and merchandise goods and cargo, by land, air, and sea. It also can describe the movement of objects by ship.Land or "ground" shipping can be by train or by truck...
company Peder Smedvig Shipping Company by Peder Smedvig. Between 1917 and 1959 Smedvig was also in the canning
Canning
Canning is a method of preserving food in which the food contents are processed and sealed in an airtight container. Canning provides a typical shelf life ranging from one to five years, although under specific circumstances a freeze-dried canned product, such as canned, dried lentils, can last as...
industry. In the 1960s the company entered the oil age with investments in supply ships, oil tankers
Tanker (ship)
A tanker is a ship designed to transport liquids in bulk. Major types of tankship include the oil tanker, the chemical tanker, and the liquefied natural gas carrier.-Background:...
and in 1973 the first drilling rig. The company acquired multiple rigs throughout the 1970s and 1980s and in 1988 it bought the competitor Dyvi Offshore.
In 1989 the company was reorganised as a holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
for the Smedvig family's drilling operations and in 1990 the company was listed on the Oslo Stock Exchange
Oslo Stock Exchange
The Oslo Stock Exchange serves as the main market for trading in the shares of Norwegian companies. It opens at 9:00am and closes 5:30pm local time...
. Between 1991 and 1998 the company was also engaged in floating oil production
Floating Production Storage and Offloading
A floating production, storage and offloading unit is a floating vessel used by the offshore industry for the processing of hydrocarbons and for storage of oil. A FPSO vessel is designed to receive hydrocarbons produced from nearby platforms or subsea template, process them, and store oil until it...
.
In December 2005 rumours circulated of Fredriksen-controlled firm SeaDrill bidding for Smedvig, and since has been in a bidding war with U.S. company Noble Corporation
Noble Corporation
Noble Corporation is the modern name of Noble Drilling Corporation, by which it was known through the 1990s. The company was part of the S&P 500 stock market index until 3/26/2009, when the headquarters were transferred to Switzerland. Noble Corporation is a major contract driller of oil and...
. But it was announced in late January 2006 that SeaDrill had bought more than 50 percent of Smedvig, and therefore gained control of the company (51.24 percent of the votes and 52.27 percent of the capital). The purchase is Fredriksen's biggest deal ever.