October 11, 2012
An integrated team of New York and London-based Latham & Watkins attorneys advised Goldman Sachs as the sole bookrunner of an innovative accelerated book-built offering (ABO) that was named “Best Accelerated Deal” by EuroWeek in its inaugural EMEA Equity Capital Markets Awards 2011/12. The transaction involved a $1 billion package of shares in Seadrill (NYSE: SDRL), a leading offshore deepwater drilling company, placed by Goldman with institutional investors in reliance on Rule 144A and Regulation S, and OTC put options entered into by the buyers with Goldman Sachs, which provided the buyers with downside price protection for a certain period of time. The sale was executed on behalf of Heman Holdings, a holding company of Mr. Fredrikson, the controlling shareholder of Seadrill, which has entered into back-to-back OTC put options with Goldman Sachs. EuroWeek said that the transaction “showed how the ability to think creatively provided the opportunity to unlock an otherwise impossible – or at least heavily discounted – deal.” The cross-Atlantic deal team was led by New York financial products partner Witold Balaban and London capital markets partner Olof Clausson.