Smedvig
| Company type | Public |
|---|---|
| Industry | Offshore drilling |
| Founded | 1915 |
| Founder | Peder Smedvig |
| Defunct | January 2006 |
| Fate | Acquired by SeaDrill |
| Headquarters | Stavanger , Norway |
Area served | North Sea, Southeast Asia |
| Products | Offshore drilling rigs (semi-submersible rigs, drillship, jack-up rig, tender rigs) |
Number of employees | Integrated into Seadrill workforce in 2006 |
Smedvig ASA ("Smedvig"), traded on the OSE as SME and on the NYSE as SMVA, was a Norwegian offshore oil rig operator based in Stavanger until its takeover by SeaDrill, a newcomer to the rig industry led by tanker magnate John Fredriksen, in January 2006. Prior to the acquisition, Smedvig managed a fleet comprising two semi-submersible rigs, one drillship, and one jack-up rig operating within the Norwegian and British sectors of the North Sea. Its subsidiary in Singapore, Smedvig Asia, oversaw seven tender rigs deployed across Southeast Asia. Following the merger, Smedvig's workforce was integrated into Seadrill, with top executives assuming pivotal positions such as CEO and CFO. Subsequently, Smedvig was removed from both the OSE and NYSE listings, while Seadrill continues to be publicly traded on the Oslo Stock Exchange.
History
Established in 1915 as the Peder Smedvig Shipping Company by Peder Smedvig, the enterprise originally focused on shipping and canning operations from 1917 until 1959. The company pivoted towards the oil sector during the 1960s by investing in supply vessels, oil tankers, and commissioning its inaugural drilling rig in 1973. Throughout the 1970s and 1980s, Smedvig grew its drilling rig assets, notably acquiring competitor Dyvi Offshore in 1988.
In 1989, it restructured into a holding company to consolidate the Smedvig family's drilling interests and proceeded with a public listing on the Oslo Stock Exchange in 1990. Between 1991 and 1998, the company also operated within the floating oil production market through involvement in FPSO activities.
In January 2006, Seadrill successfully outbid U.S.-based Noble Corporation to purchase Smedvig ASA for NOK 15 billion (approximately US$2.4 billion), representing John Fredriksen's most significant deal at that time.