SED Energy (ENH.OL) and deepwater drilling contractor Ventura Offshore (VTURA.OL) agreed to merge through an all-stock deal to create a larger publicly listed energy services platform.
The industrial investor will acquire the entire share capital of Ventura Offshore by issuing a total of 605 million shares, representing an exchange ratio of 5.5 SED Energy shares for each Ventura Offshore share held.
Following the deal, SED Energy shareholders are expected to own 55% and Ventura Offshore 45% of the combined entity, on a fully diluted basis. SED Energy will remain the listed parent company, with Ventura Offshore continuing as a dedicated deep-water drilling vertical, alongside Energy Drilling and SeaBird Exploration.
The potential deal, which remains subject to a definitive agreement and regulatory clearances, among other conditions, is expected to close in the first quarter of 2027.