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Kuwait’s Gulf Petroleum Investment Unit Sells Rig Share

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Nov. 3 (Bloomberg) -- 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 dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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