Gulf Petroleum Investment, a Kuwait- based company, said its unit in Egypt is selling a 51 percent stake in a rig to a strategic investor, according to a filing on the Kuwait Stock Exchange.
The stake sale, which is expected to be completed before the end of the fiscal year, will reduce the company’s debts by about $11.6 million, which will be reflected in the end of year results, according to the statement. It did not name the potential buyer.
To contact the reporter on this story: Dahlia Kholaif in Kuwait at firstname.lastname@example.org
To contact the editor responsible for this story: Shaji Mathew at email@example.com