Seadrill sheds SapuraKencana stake

Offshore drilling contractor Seadrill has sold its remaining stake of approximately 490 million shares in SapuraKencana, an oilfield services company based in Malaysia. 

Seadrill said on Wednesday it has sold its 8.2 percent stake in the Malaysian company for approximately $195 million.

The offshore drilling contractor noted that the proceeds from the share sale would provide additional liquidity and would be used for general corporate purposes.

To remind, in April 2013, Seadrill increased its ownership stake in SapuraKencana to 12% as a result of the integration of its tender rig business into SapuraKencana aiming to develop a player in the Far East integrated service market.

In April 2014, Seadrill sold 230 million shares of SapuraKencana, realizing total economic gain of approximately $165 million, and leaving Seadrill with 490 million shares it sold on Wednesday.

Offshore Energy Today Staff

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