Seadrill sells SapuraKencana stake, raises $300M in proceeds

|About: Seadrill Limited (SDRL)|By:, SA News Editor

Seadrill (SDRL -0.7%) says it has sold 230M shares of Malaysian oil services company SapuraKencana, raising $300M in proceeds, with $165M in total economic gain realized from the sale.

SDRL will continue to own ~490M shares, representing a ~8% ownership stake in SapuraKencana, and has entered into a lock-up agreement for the remaining shares until the end of 2014.