Seadrill extra time on tender rig sale

A referee's assistant holds up a sign to indicate a substitution

Extension: for due diligence on Seadrill deal

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Steve Marshall

 21 January 2013 08:45 GMT

Seadrill has extended the due diligence period for the proposed $2.9 billion sale of its tender rig division to Malaysian joint-venture partner SapuraKencana.

The pair have agreed to extend to 8 February the validity period of their non-binding agreement to merge their existing tender rig business into an enlarged entity with a total of 16 operating units, in addition to five newbuilds under construction.

Seadrill said in a statement the extension would enable them “to facilitate the ongoing finalisation of the due diligence and negotiations for the terms of the sale agreement and related transaction agreements”.

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