SDRL - Completion of the US$2.9 billion sale agreement with SapuraKencana

SDRL - Completion of the US$2.9 billion sale agreement with SapuraKencana 
HAMILTON, BERMUDA -- (Marketwire) -- 02/11/13 --  We refer to the
press release dated November 5, 2012, which announced the transaction
to integrate Seadrill Limited's ("Seadrill") tender rig division into
SapuraKencana Petroleum Berhad
("SapuraKencana"). 
Seadrill and SapuraKencana have today entered into a conditional sale
and purchase agreement in relation to the proposed transaction.
SapuraKencana will
acquire all the tender rigs in Seadrill's fleet
except for the West Vencedor,
T15, and T16. These three rigs are
either owned or planned to be owned by Seadrill Partners LLC.
Seadrill will in a transition period in co-operation
with
SapuraKencana retain the management of all tender rigs that are
in operation
outside Asia. 
The agreed acquisition price is for an enterprise value of US$2.9
billion and
includes future capital commitments for newbuildings T17,
T18, and West Esperanza. Seadrill will furthermore continue to manage
and supervise the construction of the current new building program on
behalf of SapuraKencana. In addition, the enterprise value includes
all the debt in the tender rig business
which is estimated at US$780
million as of February 6, 2013. Seadrill has agreed
to pay US$75
million to SapuraKencana at closing to compensate for cash flow
from
the tender rig business from February 8, 2013 to closing, netted off
for
lost interest income. 
The transaction is expected to close by the end of April 2013. 
John Fredriksen, Chairman, President and Director of Seadrill says in
a comment,
"We are pleased to have reached an agreement with our
long-term partner, SapuraKencana, regarding the sale of our tender
rig fleet. We look forward to
support the integration of the tender
rig fleet and are excited to start a new
phase of our long and
profitable relationship. Seadrill is as a large shareholder of
SapuraKencana and is excited to contribute building
SapuraKencana
into the leading offshore service provider in South
East Asia. Seadrill will as stated before use the net proceeds from
the transaction to continue to aggressively grow our modern
ultra-deep-water and jack-up exposure." 
This information is subject of the disclosure requirements pursuant
to section
5-12 of the Norwegian Securities Trading Act. 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
that: 
(i) the releases contained herein are protected by copyright and    
other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and     
originality of the information contained therein. 
Source: Seadrill Limited via Thomson Reuters ONE 
[HUG#1676937] 
Analyst contact
Rune Magnus Lundetrae
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19 
Media contact
Alf Thorkildsen
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19
 
 
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