Seadrill has sold its entire holdings of 835,000,000 shares, representing an ownership share of approximately 32 percent, in the Indonesian drilling company PT Apexindo Pratma Duta Tbk for 2400 Indonesian rupiah (IDR) per share, equal to a total net consideration of approximately US$220 million. As a result of this sale, Seadrill is expected to record a gain of approximately US$150 million in the fourth quarter 2007.
The investment in Apexindo was acquired at the time when Seadrill was seeking a strategic partner to build the infrastructure of the company. After the acquisition of Smedvig in the beginning of 2006, the investment in Apexindo became more of a financial investment.
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