Clean-up sale nets SapuraKencana partner $198m

Norwegian drilling contractor Seadrill ends its equity ownership in Malaysia's largest oil and gas company but remains a strategic partner.

Clean-up sale nets SapuraKencana partner $198m

Norwegian offshore deepwater drilling contractor Seadrill divested its entire stake in Malaysia’s SapuraKencana Petroleum on Wednesday, netting M$775 million $198 million through an accelerated bookbuild after the market close.

The transaction is the first internationally marketed block trade out of Malaysia so far this year, hinting at a revival in the relatively moribund market. According to Dealogic, equity capital markets deal volumes in Malaysia totaled $154 million in the first quarter, the lowest...

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