Term Sheet: Seadrill Sells Stake In Sapurakencana Petroleum For $198M

Reuters

Norwegian rig firm Seadrill Ltd. has sold its 8.2 percent stake in Malaysia's Sapurakencana Petroleum Bhd for $198 million, according to a term sheet seen by Reuters on Thursday.

Seadrill sold 490.3 million shares at 1.58 ringgit per share, a 10.7 percent discount to Sapurakencana's closing price of 1.77 ringgit on Wednesday, the term sheet shows.

Seadrill confirmed the sale of its remaining stake in Sapurakencana in a regulatory filing.

A person familiar with the matter said the deal was more than two times covered.

Morgan Stanley was the sole global co-ordinator for the sale. Maybank was the co-bookrunner.

(Reporting by Anshuman Daga; Editing by Kenneth Maxwell)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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