Seadrill raises over $200m from SapuraKencana divestment
John Fredriksen-controlled Seadrill raised just over $200m from the sale of almost half its stake in Malaysia's SapuraKencana Petroleum, Seatrade Asia Online reports.
Seadrill said in a press release that it sold 300 million shares, which represents about 6% of the company and just under half of Seadrill’s total stake. It is believed the shares were sold at MYR2.12 per share.
After the divestment, Seadrill still owns 319.5 million shares in the company comprising a stake of about 6.4%, making it one of the largest shareholders.
Seadrill said it is likely to use some of the proceeds to equity finance future joint venture activities with particular focus on expanding the drilling activities in its Varia Perdana joint venture with SapuraKencana.
The joint venture owns self-erecting tender rigs and the two firms are also partners in a joint venture in the Brazilian offshore construction market that owns and operates three pipe laying support vessels.ф
