HAMILTON, BERMUDA--(Marketwire - Feb 11, 2013) - We refer to the press release dated
November 5, 2012, which announced the transaction to integrate Seadrill
Limited's ("Seadrill") tender rig division into SapuraKencana Petroleum
Seadrill and SapuraKencana have today entered into a conditional sale and
purchase agreement in relation to the proposed transaction. SapuraKencana
acquire all the tender rigs in Seadrill's fleet except for the West
T15, and T16. These three rigs are either owned or planned to be owned by
Seadrill Partners LLC. Seadrill will in a transition period in co-operation
SapuraKencana retain the management of all tender rigs that are in
The agreed acquisition price is for an enterprise value of US$2.9 billion
includes future capital commitments for newbuildings T17, T18, and West
Esperanza. Seadrill will furthermore continue to manage and supervise the
construction of the current new building program on behalf of
addition, the enterprise value includes all the debt in the tender rig
which is estimated at US$780 million as of February 6, 2013. Seadrill has
to pay US$75 million to SapuraKencana at closing to compensate for cash
from the tender rig business from February 8, 2013 to closing, netted off
lost interest income.
The transaction is expected to close by the end of April 2013.
John Fredriksen, Chairman, President and Director of Seadrill says in a
"We are pleased to have reached an agreement with our long-term partner,
SapuraKencana, regarding the sale of our tender rig fleet. We look forward
support the integration of the tender rig fleet and are excited to start a
phase of our long and profitable relationship. Seadrill is as a large
shareholder of SapuraKencana and is excited to contribute building
into the leading offshore service provider in South East Asia. Seadrill
stated before use the net proceeds from the transaction to continue to
aggressively grow our modern ultra-deep-water and jack-up exposure."
This information is subject of the disclosure requirements pursuant to
5-12 of the Norwegian Securities Trading Act.
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Source: Seadrill Limited via Thomson Reuters ONE