Seadrill Sells $200M Stake In SapuraKencana
Deep sea driller Seadrill has sold 300 million shares in Malaysia’s SapuraKencana Petroleum BHD for approximately $200 million. Following the transaction, Bermuda domiciled Seadrill will remain holder of 319.5 million shares in SapuraKencana, corresponding to 6.4% of the outstanding shares.
Seadrill Chairman John Fredriksen said, “We are very pleased with the development in our solid business venture with SapuraKencana.
“The venture which initially was based on a joint ownership of five self-erecting tender rigs in Varia Perdana has over time been developed to include a large ownership in Sapura Crest and a joint venture in the Brazilian offshore construction market owning and operating three pipe laying support vessels.
“We are particularly pleased with the way SapuraKencana has taken a leading role in the development of the offshore service industry in the Far East, and how this has been converted to profitable businesses to the benefit of shareholders.
“The sale of part of the shares is in line with Seadrill’s strategy to realize gains from its investment portfolio and use these funds to fund future growth within its core drilling business and also optimize dividend capacity. Seadrill will remain one of the largest shareholders in SapuraKencana and is fully committed to work together with our Malaysian partner in order to develop future joint venture business.”
