courtesy Frigstad Discoverer Invest

Offshore “heavy-duty” outfit Saipem has acquired 92 percent of all shares in Norway-based Frigstad Discoverer Invest Ltd., a holder of interests an advanced, new-build “sixth-generation” semisubmersible drill rig.

Saipem — which is 43-percent owned by Italian oil company ENI — is about ready to make a mandatory offer for Frigstad at 82 kroner a share. The offer puts “a premium” of 116 percent on the last traded price of Frigstad shares and hints at a market value for the company of NOK 1.8 billion ($334.5 million).

“The acquisition is in-line with Saipem`s strategy to broaden its offshore drilling fleet, in order to take advantage of the current positive market phase,” a statement said.

The shares and funds to finish the D90, “ultra-deepwater” rig will cost Saipem €520 million ($741 million).