Seawell to acquire Allis-Chalmers Energy

The combined company will have approximately 6,500 employees and will operate its drilling and well services offerings with a global footprint covering more than 30 of the world's key oil and gas regions including the US, Gulf of Mexico, Brazil, Argentina, North Sea, Middle East, Africa and Southeast Asia / Pacific. The combined drilling services offering will include platform drilling, land contract drilling, modular rigs, maintenance of drilling systems, directional drilling technology, underbalanced drilling, facility engineering services, rig and riser inspections, and oilfield rentals.  The company will be able to provide its customers with fully integrated drilling services, both onshore and offshore.  The well wervices offering will include electric and mechanical wireline services, production logging services, coil tubing services, ultrasonic investigation logging services, down-hole cameras, and advanced well fishing services.  The combined company has a long track record of safe and efficient operations in the North Sea, USA and South America.

Upon completion of the merger, Jørgen Peter Rasmussen will be the combined company's new Chief Executive Officer and President, and a member of the Board of Directors.  The new company's Chief Operating Officer and Executive Vice President will be Thorleif Egeli who is currently the Chief Executive Officer of Seawell Management AS.