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Seadrill plans up to $305 mln selldown in Malaysia's SapuraKencana-terms

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Seadrill plans up to $305 mln selldown in Malaysia's SapuraKencana-terms Empty Seadrill plans up to $305 mln selldown in Malaysia's SapuraKencana-terms

Post by Cals Thu 10 Apr 2014, 01:24

Seadrill plans up to $305 mln selldown in Malaysia's SapuraKencana-terms
Business & Markets 2014
Written by Reuters   
Wednesday, 09 April 2014 18:10

(Repeats to additional subscribers)

HONG KONG (April 9): SapuraKencana Petroleum Bhd's second largest shareholder plans to sell up to $305 million worth of shares in the Malaysian oil and gas services firm, according to a term sheet of the deal seen by Reuters.

Norway's Seadrill Ltd., the world's top offshore oil driller, is offering up to 230 million shares of SapuraKencana at 4.3 ringgit each, putting the total value of the deal at up to 989 million ringgit ($305 million). The price is equivalent to a 3.4 percent discount to Wednesday's closing price of 4.45 ringgit.

The deal consists of a base offer of 180 million shares, with an option to grow by 50 million shares, according to the terms.

Maybank was hired as sole placing agent for the selldown. 

($1 = 3.2410 Malaysian Ringgits)
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