SeaDrill Unit Will Acquire Allis-Chalmers For $890M

SeaDrill SDRL, the offshore drilling contractor, said its Seawell unit will acquire Allis-Chalmers ALY, the oilfield services company, for $890 million. Seawell is listed in Norway. Allis-Chalmers shareholders are eligible to receive $4.25 in cash or 1.15 shares of Seawell for each of their shares. Texas-based Allis-Chalmers closed at $2.30 yesterday. The companies said their combined company would have $1.3 billion in annual revenue about 6,500 employees, and do business in 30 key oil and gas markets, according to the Associated Press.