Seadrill planning to put JV with Sapuracrest Petroleum into new entity

OSLO: Seadrill,
the world's biggest offshore driller by market capitalisation, launched
plans to sell some of its Brazilian assets but said it intended to
retain a majority stake in the spun-off firm.
Oslo-listed
Seadrill, worth $15.6 billion, will put three deepwater drilling units
in the new company and also considers it "logical" to put a planned
joint venture with Malaysia's Sapuracrest Petroleum into the new entity, Chief Financial Officer Esa Ikaheimonen told Reuters on Wednesday.
Seadrill
considers Brazil a key growth area and wants to capitalize on some of
its longest and most lucrative contracts through the sale.
"The
legal minimum is to sell 25 percent ... and based on the experience of
North Atlantic Drilling, we intend to retain a share above 50 percent,"
Ikaheimonen said.
The company, which operates a fleet of 60
units, including drillships and semi-submersible rigs, spun off 25
percent of North Atlantic Drilling this year but put off plans to list
the firm on the Oslo bourse.
"Initially it would be the drilling
assets, the three deepwater units (that would be in the Brazilian
entity), but you saw that we made an announcement today regarding Brazil
... and including that would be logical," Ikaheimonen said.
The firm announced plans for a joint investment with Malaysia's Sapuracrest Petroleum to offer services to Brazil's Petrobras.
Sapuracrest,
in which Seadrill holds 23.6 percent, recently entered into agreements
with Petrobras for five-year charters of three pipe-laying support
vessels and Seadrill plans to participate in the deal, it said.
Seadrill has 3 semi-submersibles operating in Brazilian waters, all tied up at least through early 2015.
Ikaheimonen
said the paperwork for the IPO would be ready in the first quarter of
2012 but Seadrill had no time target for the IPO and would carry out the
sale when the market was right.
The firm has not finalised the terms of the sale and has no public estimate on how much it would like to raise in the IPO.
"It's a sizable business with high quality assets and valuable contracts," Ikaheimonen said. - Reuters
Earlier report
Seadrill plans Brazilian JV with Sapuracrest
OSLO:
Oslo-listed offshore driller Seadrill plans a joint investment with
Malaysia's Sapuracrest Petroleum to offer services to Brazil's
Petrobras, Seadrill said in a statement on Wednesday.
Sapuracrest
recently entered into agreements with Petrobras for five-year charters
of three pipe-laying support vessels, or PLSVs, and Seadrill plans to
participate in the deal, it said.
"Seadrill, through its
subsidiaries, would have a 50 percent equity participation in entities
which will enter into charter and services agreements with Petrobras
with respect to the PLSVs," it said in a statement.
Seadrill holds a 23.6 percent equity interest in SapuraCrest. - Reuters

Seadrill, worth $15.6 billion, will put three deepwater drilling units
in the new company and also considers it "logical" to put a planned
joint venture with Malaysia's Sapuracrest Petroleum into the new entity, Chief Financial Officer Esa Ikaheimonen told Reuters on Wednesday.

Seadrill holds a 23.6 percent equity interest in SapuraCrest

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sapcres -cd/ce looks interesting at -11%