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SeaDrill Postpones IPO Plans For Its Brazilian Unit Again

04/16/2012 | 09:17am US/Eastern

Norwegian oil-and-gas equipment company SeaDrill Ltd. (SDRL, SDRL.OS) said Monday that it decided to delay again its plans to hold an initial public offering of its Brazilian unit in order to evaluate opportunities to increase its activities.

In January, the company delayed its plan to hold an IPO to gain time to make certain changes to its corporate structure.

Seabras Servicos de Petroleo S.A., the Brazilian unit of SeaDrill, was planning to raise up to 1.25 billion Brazilian reais ($680 million) through the IPO.

Originally, the company was planning to start trading of its shares Feb. 13 and then postponed the plan for April. Following the most recent delay, the company did not unveil an exact timetable for its IPO.

"The Board is currently evaluating several opportunities to increase Seabras activities prior to the listing," SeaDrill said in a statement.

"A separate organization to support such wider operations in Brazil is being established. This further highlights the benefit of somewhat postponing the planned listing of Seabras," it said.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com

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