Smedvig
 | |
| Type | Public |
|---|---|
| Industry | Petroleum |
| Founded | 1915 |
| Headquarters | Stavanger, Norway |
| Key people |
Kjell E. Jacobsen (CEO) John Fredriksen (Chairman) |
| Products | Offshore drilling rigs |
| Revenue | ▲ NOK 4,219 million (2005) |
| Operating income | NOK 1,272 million (2005) |
| Net income | NOK 364 million (2005) |
| Employees | 3,750 (2006) |
| Website | www.smedvig.com |
Smedvig ASA, ("Smedvig"), (OSE: SME, NYSE: SMVA) 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.
History
Smedvig started in 1915 as the shipping 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 biding for Smedvig, and since has been in a biding 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.
