Seadrill’s Malaysian Partner Pays $2.9B For Rig Unit

Law360, New York (November 5, 2012, 5:29 PM EST) -- Leading offshore driller Seadrill Ltd. has agreed to transfer its tender rig business to Malaysia’s SapuraKencana Petroleum Bhd. in a deal that values the Singapore-based unit at $2.9 billion, the seller said on Monday.

Seadrill will send 15 operating tender rigs to SapuraKencana, which has been managing rigs together with the Norwegian-Bermudian driller through a joint venture since 1991. Of those 15 rigs, five are currently 51 percent owned by joint company, according to a statement from Seadrill.

In addition, SapuraKencana will get five rigs currently...
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