SDRL - Seadrill reduces its stake in SapuraKencana Petroleum Bhd
(Thomson Reuters ONE) -
Hamilton, Bermuda, May 30, 2012 - Seadrill announces that it today has sold 300
million shares in SapuraKencana Petroleum BHD ("SapuraKencana"). The proceeds
from the transaction will be approximately US$200 million.
The book value of Seadrill's total position in SapuraKencana was US$111 million
by the end of the first quarter 2012. A material accounting gain related to
Seadrills position in SapuraKencana is expected for the second quarter of 2012.
Following the transaction, Seadrill will remain holder of 319.5 million shares
in SapuraKencana, corresponding to 6.4% of the outstanding shares.
Chairman in Seadrill John Fredriksen says in a comment, "We are very pleased
with the development in our solid business venture with SapuraKencana. The
venture which initially was based on a joint ownership of five self-erecting
tender rigs in Varia Perdana has over time been developed to include a large
ownership in Sapura Crest and a joint venture in the Brazilian offshore
construction market owning and operating three pipe laying support vessels. We
are particularly pleased with the way SapuraKencana has taken a leading role in
the development of the offshore service industry in the Far East, and how this
has been converted to profitable businesses to the benefit of shareholders. The
sale of part of the shares is in line with Seadrill's strategy to realize gains
from its investment portfolio and use these funds to fund future growth within
its core drilling business and also optimize dividend capacity. Seadrill will
remain one of the largest shareholders in SapuraKencana and is fully committed
to work together with our Malaysian partner in order to develop future joint
venture business."
It is likely that part of the proceeds released from the sale of the shares will
be used to equity finance future joint venture activities with particular focus
on expanding the drilling activities in Varia Perdana. Seadrill sees significant
potential in the profitable position SapuraKencana has established as a leading
integrated player in the oil producing and service market.
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#1615966]
Unternehmensinformation / Kurzprofil:
Datum: 30.05.2012 - 14:03 Uhr
Sprache: Deutsch
News-ID 151329
Anzahl Zeichen: 2970
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SDRL - Seadrill reduces its stake in SapuraKencana Petroleum Bhd"
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