Seadrill Finalizes SapuraKencana Sale

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

The agreed upon acquisition price is for an enterprise value of $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 Tuesday's closing share price of RMB3.18, Seadrill's total shareholding will have a gross value of approximately $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 said 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."

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