Transocean Services has launched an all cash voluntary offer to buy 100% of Aker Drilling for Nkr26.50 ($4.80) per share.
Transocean has already received consent for the deal from shareholders representing 60.5% of the outstanding shares in Aker Drilling.
Aker Drilling’s board of directors has recommended that its shareholders accept the offer.
Aker Drilling operates two harsh environment, ultra-deepwater semi-submersible rigs, which are currently on long-term contracts with Statoil and Det Norske in Norway.
It is also expected to take delivery of two sixth-generation drillships from South Korea’s Daewoo Shipbuilding & Marine Engineering in 2013.
Transocean signed an irrevocable agreement with Aker Capital to purchase 41% of shares in Aker Drilling at the beginning of the month.