Offshore drilling contractor SeaDrill Ltd.'s Seawell business will acquire oilfield services company Allis-Chalmers Energy Inc. in a deal valued at $890 million, the companies said. Allis-Chalmers shareholders will get $4.25 in cash or 1.15 Seawell shares for each shares of Allis-Chalmers. Allis-Chalmers stock closed at $2.30 on Thursday, 8-12-10. Seawell shares trade over-the-counter in Norway. The deal price includes debt held by Allis-Chalmers. Allis-Chalmers is based in Houston and Seadrill is based in Hamilton, Bermuda. Seawell and Allis-Chalmers announced the deal after the markets closed on Thursday and said the boards of both companies had approved the deal. They 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. Seawell is required to raise $100 million and have its shares listed on either the Oslo Bors or the London Stock Exchange as part of the deal.

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