Seadrill closes $2.9B tenders sale

Seadrill will manage tender rigs outside Asia

West VencedorWest Vencedor (Photo: Seadrill)

Norway's Seadrill Ltd. completed the sale of its tender rig business to Malaysia's SapuraKencana Petroleum Bhd. for $2.9 billion, the company confirmed on 11 February 2013.

The two companies initially announced the sale in November 2012 and extended the the validity period of its non-binding agreement last month.

SapuraKencana will acquire all the tender rigs in Seadrill's fleet except for the West Vencedor, T15, and T16. Seadrill will also retain the management of all tender rigs in operation outside Asia.

The $2.9 billion sale price includes future capital commitments for newbuilds T17, T18, and West Esperanza. Seadrill will continue to manage and supervise the construction at the Nantong Shipyard, China (T17, T18), and the Keppel FELS yard, Singapore (West Esperanza), on behalf of SapuraKencana.

The acquisition price includes all debt in the tender rig business, which is estimated at $780 million, as of 6 February 2013, Seadrill said. Seadrill will pay $75 million at closing to compensate for cash flow from the tender rig business from 8 February 2013 to closing, netted off for lost-interest income.

The transaction is expected to close by the end of April 2013.

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