Seadrill turns wheels on tender rig sale

Disposal: Seadrill tender rig T9

SEADRILL

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Steve Marshall

 11 February 2013 12:43 GMT

Seadrill is set to seal a proposed $2.9 billion deal to sell its tender rig business to Malaysian joint-venture partner SapuraKencana Petroleum in the second quarter after finalising details of the cash-and-shares transaction.

The rig giant, led by dominant owner and chairman John Fredriksen, had last month extended the due diligence period on an earlier non-binding agreement that would see the merger of the two companies’ existing tender rig business with a total of 16 operating units and another five under construction.

The pair have now struck a conditional sale-and-purchase deal whereby SapuraKencana will take on capital commitments for newbuildings T17, T18 and West Esperanza, as well as outstanding debt of $780 million, as part of the acquisition price.

The Malaysian oilfield services player…

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