Norway-based offshore rig contractor, Seadrill, has made a voluntary offer for relatively new drill-rig owner Aker Drilling, a bid that values the junior entity at NOK3.77 billion ($683 million).

Shareholders are offered NOK40.50 per share.

Seadrill said in a statement that Aker Drilling management have been asked to allow a review of the company’s finances, a two week process.

“Subject to the due diligence review confirming Seadrill's value assumption, the offer will be made in cash subject only to Seadrill becoming the owner of more than 90 percent of the shares in Aker Drilling,” a Seadrill statement said.

Seadrill is understood to already control 25 percent of Aker Drilling.

Tags: Aker Drilling, Seadrill