SDRL - Completion of the US$2.9 billion sale agreement with SapuraKencana
February 11, 2013 - HAMILTON, BERMUDA
We refer to the press release datedNovember 5, 2012, which announced the transaction to integrate SeadrillLimited's ("Seadrill") tender rig division into SapuraKencana PetroleumBerhad("SapuraKencana").
Seadrill and SapuraKencana have today entered into a conditional sale andpurchase agreement in relation to the proposed transaction. SapuraKencanawillacquire all the tender rigs in Seadrill's fleet except for the WestVencedor,T15, and T16. These three rigs are either owned or planned to be owned bySeadrill Partners LLC. Seadrill will in a transition period in co-operationwithSapuraKencana retain the management of all tender rigs that are inoperationoutside Asia.
The agreed acquisition price is for an enterprise value of US$2.9 billionandincludes future capital commitments for newbuildings T17, T18, and WestEsperanza. Seadrill will furthermore continue to manage and supervise theconstruction of the current new building program on behalf ofSapuraKencana. Inaddition, the enterprise value includes all the debt in the tender rigbusinesswhich is estimated at US$780 million as of February 6, 2013. Seadrill hasagreedto pay US$75 million to SapuraKencana at closing to compensate for cashflowfrom the tender rig business from February 8, 2013 to closing, netted offforlost interest income.
The transaction is expected to close by the end of April 2013.
John Fredriksen, Chairman, President and Director of Seadrill says in acomment,"We are pleased to have reached an agreement with our long-term partner,SapuraKencana, regarding the sale of our tender rig fleet. We look forwardtosupport the integration of the tender rig fleet and are excited to start anewphase of our long and profitable relationship. Seadrill is as a largeshareholder of SapuraKencana and is excited to contribute buildingSapuraKencanainto the leading offshore service provider in South East Asia. Seadrillwill asstated before use the net proceeds from the transaction to continue toaggressively grow our modern ultra-deep-water and jack-up exposure."
This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.
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(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
