OSLO (Bloomberg) — Bermuda-based Seawell Ltd., the oil driller and well-service provider that is buying Allis-Chalmers Energy Inc., plans to purchase several oil-service technology companies by the end of this year.

"We are looking at companies that have special types of technologies we're missing," executive chairman Joergen Rasmussen said by telephone yesterday. Seawell will look at so-called perforating services, downhole drilling technology or intervention technology for production wells, he said.

Seawell will sell new shares to raise 2.65 billion kroner ($430 million), the company, controlled by billionaire John Fredriksen's Seadrill Ltd., said yesterday in a statement. The proceeds will finance the $890 million acquisition of Allis-Chalmers, cut debt and fund growth, the company said. Rasmussen said Seawell had already entered pre-agreements with companies and that the deals were expected to be in the $40 million to $60 million range.

"The idea of the combination of Seawell and Allis-Chalmers is to give ourselves a global footprint that is big enough so that we can take advantage of high-tech companies and distribute it through an operational base of 30-plus countries," he said. Rasmussen will be chief executive officer after the takeover is completed.

The company will have businesses in the US, Gulf of Mexico, Brazil, Argentina, North Sea, Middle East, Africa, Southeast Asia and the Pacific, offering onshore and offshore drilling, placing it among the 10 biggest oil service companies globally, according to Rasmussen.

"Customers are asking more and more for what they're calling integrated project management, where they want to run the entire drilling operation with one operator," he said.

The application period for Seawell's share sale started yesterday and is scheduled to close today at 10 p.m. in Oslo. The sale was "going very well", Rasmussen said.