Seadrill reduces stake in SapuraKencana

Kuala Lumpur: Seadrill, a leading offshore deepwater drilling company , has reduced its stake in SapuraKencana Petroleum from 12% to 8% after selling 230m shares in the Malaysian oil and gas support services firm, raising about $300m in proceeds. After completion of the sale, Seadrill will reduce its postion from the second largest to fourth largest shareholder in the company.

Tor Olav Troim will continue to serve as a board member of SapuraKencana with John Fredriksen as an alternate director, and Seadrill will continue to support SapuraKencana's strategy of growing its broad offshore service portfolio, Seadrill said in a statement.

Seadrill chairman and president John Fredriksen said the company is pleased with the progress to date of the partnership with SapuraKencana, both in the integration of the tender rig business and in the development of the successful PLSV joint venture in Brazil. [11/04/14]

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