Seadrill arm files $225m US IPO

by on September 21, 2012 6:45 pm GMT

The offering is being underwritten by Citigroup, the London-based company said in a filing with the US Securities and Exchange Commission, Reuters reported.

Seadrill Partners, recently formed by Bermuda-based oilfield services company Seadrill, counts Chevron, BP and ExxonMobil among its customers.

The company plans to use the proceeds from the offering to acquire stakes in two operating units of Seadrill Ltd., the news wire said.

The filing did not reveal how many common units the company planned to sell or their expected price.

The company intends to list its common units on the New York Stock Exchange under the symbol “SDLP”.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.