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.

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 since 2010 and less than one seventh of the activity recorded in the same quarter last year.

The backdrop to the block trade was far from ideal. Although the benchmark Kuala Lumpur...

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