John Fredriksen’s Seadrill announced the sale of its remaining stake of approximately 490m shares in Malaysia’s SapuraKencana for approximately $195m, marking its exit as a shareholder in the company.
The proceeds from the share sale will provide additional liquidity and will be used for general corporate purposes.
In 2013, the two companies had integrated their rig businesses following SapuraKencana’s acquisition of Seadrill’s tender rig operations. Seadrill sold part of its stake in SapuraKencana in 2014 to raise about $300m capital.
