 | |
| Company type | Public |
|---|---|
| Industry | Petroleum |
| Founded | 1915 |
| Headquarters | Stavanger,Norway |
Key people | Kjell E. Jacobsen (CEO) John Fredriksen (Chairman) |
| Products | Offshoredrilling rigs |
| Revenue |  NOK 4,219 million (2005) |
| NOK 1,272 million (2005) | |
| NOK 364 million (2005) | |
Number of employees | 3,750 (2006) |
| Website | www.smedvig.com |
Smedvig ASA, ("Smedvig"), (OSE: SME,NYSE: SMVA) was aNorwegian offshoreoil rigcompanyheadquartered inStavanger until it was acquired (January 2006) by rig newcomerSeaDrill of tanker mogulJohn Fredriksen. At time of the merger Smedvig operated two semi submersibles, one drillship and one jack up rig in the Norwegian andBritish sector of theNorth Sea. A fleet of seventender 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, while Seadrill is listed on theOslo Stock Exchange.[1]
Smedvig started in 1915 as theshipping companyPeder Smedvig Shipping Company byPeder Smedvig. Between 1917 and 1959 Smedvig was also in thecanning industry. In the 1960s the company entered the oil age with investments insupply 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 competitorDyvi Offshore.
In 1989 the company was reorganised as aholding company for the Smedvig family's drilling operations and in 1990 the company was listed on theOslo Stock Exchange. Between 1991 and 1998 the company was also engaged infloating oil production.
In January 2006,Seadrill won a bidding war against U.S. drilling rig companyNoble Corporation, and subsequently acquired Smedvig ASA for an equity value of NOK 15 bn (US$2.4 bn). The purchase was Fredriksen's largest deal to date.
