Due diligence period extended to February 8
West Vencedor (Photo: Seadrill)Seadrill and SapuraKencana have extended the validity period of its non-binding agreement to fold Seadrill's tender rig business into SapuraKencana Petroleum Bhd.
The companies agreed to extend the period to 8 February 2013 after making "good progress" during the first part of due diligence. The extension will facilitate the ongoing finalization of the due diligence and negotiations for the terms of the sale agreement and related transaction agreements in relation to the proposed transaction.
SapuraKencana and Seadrill announced the MOU to integrate each others tender rig businesses in November, with SapuraKencana offering Seadrill a total consideration of $2.9 billion. The new business will comprise 16 wholly-owned operating units, including Seadrill's West Vencedor, and five units currently under construction.
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