Seadrill Reduces Stake In SapuraKencana

(RTTNews) - SeaDrill Limited (SDRL) said that it has sold 230 million shares of SapuraKencana raising about $300 million in proceeds. The total economic gain realized from this sale is about $165 million.

Following the completion of this transaction Seadrill will continue to own about 490 million shares, representing an approximate 8% ownership stake in SapuraKencana. Tor Olav Trøim will continue to serve as a board member of SapuraKencana with John Fredriksen as an alternate director.

On April 30, 2013 Seadrill increased its ownership stake in SapuraKencana to 12% as a result of the integration of its tender rig business into SapuraKencana.

Seadrill noted that it remains a long-term strategic investor in SapuraKencana and, in connection with the sale, has entered into a lock up agreement for its remaining shares until the end of 2014.

Seadrill said it will continue to support SapuraKencana's strategy of growing its broad offshore service portfolio.