Seadrill sold its remaining stake in SapuraKencana Petroleum

Sea DrillSeadrill sold its remaining stake in Malaysia’s SapuraKencana Petroleum for 195 million USD. The John Fredriksen’s offshore drilling company all its 490 million shares, which marked its exit as a shareholder in the oil and gas firm. By the transaction Seadrill aims to improve liquidity and to inject fresh money into its business, as well as leaving the none-core operations. The deal was contracted in cash, as the funds will be used for general corporate purposes and debts settlement. Seadrill has managed to reach a couple of agreements in recent months to further help support operations against the global offshore downturn.

In 2013, Seadrill and SapuraKencana Petroleum merged their rig businesses, as Malaysian company acquired thetender rig operations John Fredriksen’s offshore drilling firm. Seadrill sold part of its stake in SapuraKencana in 2014 and raised about 300 million USD capital.

Seadrill announced that will be in the midst of a massive restructuring exercise in order to pare down more than 10 billion USD in existing debts, which could force it to quickly raise some funds in the meantime. Earlier this month, the drilling company announced it will cut 112 offshore workers in Houston in relation of lay-off of semi-submersible rig West Capricorn. The platform is employed in Gulf of Mexico under charter contract with BP, but the oil produced denied to renew agreement. Also during the month Seadrill extended the contract for drillship West Tellus, adding 18 months and $32 million in net backlog.

Seadrill is deepwater drilling contractor, engaged with drilling services in oil and gas industry. The company operates semi-submersibles, jack-up rigs and drillships.