Smedvig ASA, ("Smedvig"), ( OSE: SME, NYSE: SMVA) was a Norwegian offshore oil rig

company A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common p ...

headquartered in

Stavanger Stavanger (, , American English, US usually , ) is a city and municipalities of Norway, municipality in Norway. It is the fourth largest city and third largest metropolitan area in Norway (through conurbation with neighboring Sandnes) and the a ...

until it was acquired (January 2006) by rig newcomer

SeaDrill Seadrill is a deepwater drilling contractor for the petroleum industry. It is incorporated in Bermuda for tax purposes and managed from London and Houston The company operates semi-submersible platforms, jackup rigs and drillships. History Seadri ...

of tanker mogul John Fredriksen. 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 rig Tender Assisted rigs are an existing type of development drilling, workover or plug & abandonment rig (same "family" as Jack Up, semi-submersible or drillship). It is however the only design that can operate in both Shallow and Deepwater (from 20 m ...

s 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 the

Oslo Stock Exchange Oslo Stock Exchange ( no, Oslo Børs) (OSE: OSLO) is a stock exchange within the Nordic countries and offers Norway’s only regulated markets for securities trading today. The stock exchange offers a full product range including equities, deriv ...

History

Smedvig started in 1915 as the shipping company Peder Smedvig Shipping Company by

Peder Smedvig Peder Smedvig (1882–1959) was a Norwegian businessman, the founder of Smedvig ASA. Career In 1915, Smedvig started a shipping company. In 1935, he started Smedvig Tankrederi, but in World War II, four out of the five ships were lost. Per ...

. Between 1917 and 1959 Smedvig was also in the

canning Canning is a method of food preservation in which food is processed and sealed in an airtight container (jars like Mason jars, and steel and tin cans). Canning provides a shelf life that typically ranges from one to five years, although u ...

industry. In the 1960s the company entered the oil age with investments in supply ships,

oil tankers An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk transport of oil or its products. There are two basic types of oil tankers: crude tankers and product tankers. Crude tankers move large quantities of unrefined crud ...

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

. Between 1991 and 1998 the company was also engaged in floating oil production. In January 2006,

Seadrill Seadrill is a deepwater drilling contractor for the petroleum industry. It is incorporated in Bermuda for tax purposes and managed from London and Houston The company operates semi-submersible platforms, jackup rigs and drillships. History Seadri ...

won a bidding war against U.S. drilling rig company

Noble Corporation Noble Corporation plc is an offshore drilling contractor organized in London, United Kingdom. Its affiliate, Noble Corporation, is organized in the Cayman Islands. It is the corporate successor of Noble Drilling Corporation. The company operate ...

, and subsequently acquired Smedvig ASA for an equity value of NOK 15 bn (USD 2.4 bn). The purchase was Fredriksen's largest deal to date.

References

{{Portal, Norway, Energy, Companies Drilling rig operators Service companies of Norway Transport companies established in 1915 Energy companies established in 1915 Holding companies established in 1989 Norwegian companies established in 1915 Holding companies disestablished in 2006 2006 disestablishments in Norway