Seadrill Limited
OSLO : SDRL

April 30, 2013 12:57 ET

SDRL - Seadrill completes the integration of the tender rig business into SapuraKencana

HAMILTON, BERMUDA--(Marketwired - Apr 30, 2013) - We refer to the press releases dated November 5, 2012, and February 11, 2013, which announced the transaction to integrate Seadrill Limited's ("Seadrill") tender rig division into SapuraKencana Petroleum Berhad ("SapuraKencana") and the signing of the conditional Sale and Purchase Agreement ("SPA") between the parties.

Seadrill and SapuraKencana have today completed the previously announced transaction pursuant to the conditional SPA.

The agreed upon acquisition price is for an enterprise value of US$2.9 billion, which includes cash, SapuraKencana shares, all debt in the tender rig business, and Seadrill's future capital commitments for newbuilds.

The incremental 400.8 million shares received by Seadrill today bring Seadrill's equity holding to approximately 12 percent of the outstanding shares of SapuraKencana. At today's closing share price of RMB3.18, Seadrill's total shareholding will have a gross value of approximately US$753 million. In addition, John Fredriksen, Chairman of Seadrill Limited, is a nominee to the Board of Directors of SapuraKencana.

John Fredriksen, Chairman, President and Director of Seadrill says in a comment, "We are pleased to have completed this important transaction with our long- term partner, SapuraKencana. We look forward to support the integration of the tender rig fleet in order to facilitate a smooth and orderly transition for the customers. This transaction will free up significant financial flexibility for Seadrill, and the proceeds will as previously stated be used over time to continue to aggressively grow our modern ultra-deepwater and jack-up exposure."

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Seadrill Limited via Thomson Reuters ONE

[HUG#1698152]

Contact Information

  • Seadrill Limited
    P.O. Box HM 1593
    Par-la-Ville Place
    14 Par-la-Ville Road
    HM 08 Hamilton, Bermuda
    T. +1 441 295 6935
    F. +1 441 295 3494