Seadrill cuts stake in SapuraKencana to 3.8%

The placement deal, solely managed by Maybank Investment Bank, and done via a book-building exercise, had the shares were priced at MYR4.30 each, valuing the deal at MYR989m ($306.9m). According to the reports, sources said the deal had attracted strong interest from local and foreign long-term institutional funds. Group president and ceo Shahril Shamsuddin is still the single largest shareholder in the company with a 15.9% equity interest.

The reports cited sources as saying that Shahril had been informed by Seadrill of its decision to divest part of its interest in SapuraKencana, the second time Seadrill is doing so, after selling 300m shares soon after Sapura Crest Petroleum and Kencana Petroleum merged.

The disposal had then reduced its equity interest in SapuraKencana to 6.4%, but Seadrill’s stake rose again to 12% last April when it received 490.8m shares as part payment for the sale of its tender rig business to SapuraKencana.

Seadrill has two board representatives in SapuraKencana, and is the company’s strategic asset-operating partner.