Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/seadrill-completes-the-us29-billion-sale-agreement.shtmlSeadrill completes the US$2.9 billion sale agreement with SapuraKencana
Seadrill and SapuraKencana have entered into a conditional sale and purchase
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Seadrill and SapuraKencana have entered into a conditional sale and purchase agreement in relation to the proposed transaction. SapuraKencana will acquire all the tender rigs in Seadrill's fleet except for the West Vencedor, T15, and T16. These three rigs are either owned or planned to be owned by Seadrill Partners LLC. Seadrill will in a transition period in co-operation with SapuraKencana retain the management of all tender rigs that are in operation outside Asia.
The agreed acquisition price is for an enterprise value of US$2.9 billion and includes future capital commitments for newbuildings T17, T18, and West Esperanza. Seadrill will furthermore continue to manage and supervise the construction of the current new building program on behalf of SapuraKencana. In addition, the enterprise value includes all the debt in the tender rig business which is estimated at US$780 million as of February 6, 2013. Seadrill has agreed to pay US$75 million to SapuraKencana at closing to compensate for cash flow from the tender rig business from February 8, 2013 to closing, netted off for lost interest income.
The transaction is expected to close by the end of April 2013.
