Seadrill reduces holdings in SapuraKencana

Offshore staff

HAMILTON, Bermuda – Seadrill has reduced its holdings in SapuraKencana Petroleum Bhd. Seadrill sold $200 million in SapuraKencana shares and now has 6.4% of the outstanding shares.

“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,” said John Fredriksen, Seadrill chairman. “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.”

5/30/2012

 

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