Drilling giant Seadrill is looking to raise $500million to increase working capital – despite already posting a $1.7billion profit this year.
The Norwegian group said it was looking to offer the unsecured bonds in a private offering to American investors.
The deepwater drilling specialists has a fleet of 64 units, and this week took control of Sevan’s rigs following their takeover of the company earlier this year.
Last month the company saw its operating profit fall slightly for the first quarter of the year, due to the sale of the West Janus rig, but the sale of its tender business to SapuraKencana boosted their results from a $68million loss to a $1.3billion profit.
The company, which is in talks over a partner for its North Atlantic Drilling business, said the notes would be due in 2020.
“Seadrill intends to use the net proceeds of this offering to for repayment of debt, drilling unit acquisitions and general corporate purposes, including working capital,” the company said.