SED Energy Holdings (referred to as Energy Holdings) and Ventura Offshore have signed a letter of intent (LoI) for an all-share combination that would create a group with an implied pro forma equity value of around $1bn.
Formerly known as SeaBird Exploration, Energy Holdings is a publicly listed investment and holding company on the Oslo Børs stock exchange. It is focused on asset-based energy services.
Energy Holdings has two wholly owned subsidiaries: Energy Drilling, which owns and operates tender-assisted drilling rigs; and SeaBird Exploration, a provider of marine seismic acquisition data to the oil and gas sector.
Ventura is a Bermuda-incorporated deepwater drilling contractor operating in Brazil and worldwide.
Energy Holdings CEO Kurt Waldeland said: "Energy Holdings was established with a clear ambition to build a portfolio of high-quality, cash-generative energy services businesses and create value through disciplined capital allocation.