Malaysian block trade

Partner cuts stake in Malaysia's SepuraKencana by close to 50%

John Fredriksen-controlled Seadrill raises $200 million from the sale of a 6% stake in Malaysian oil and gas services and solutions provider SepuraKencana.
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SepuraKencana provides the offshore oil and gas industry with services and solutions, including oil rigs (AFP)</div>
<div style="text-align: left;"> SepuraKencana provides the offshore oil and gas industry with services and solutions, including oil rigs (AFP)</div>

Seadrill, an offshore drilling company controlled by Norwegian shipping tycoon John Fredriksen, yesterday raised just over $200 million from the sale of almost half its stake in Malaysian oil and gas services and solutions provider SepuraKencana Petroleum.

SepuraKencana is the new entity formed from the merger of SepuraCrest Petroleum and Kencana Petroleum that was agreed in August last year. It began trading in its new form a couple of weeks ago, on May 17, at a price of M$2.30 per share and has been hovering in a narrow range just below that since then.

The sale was arranged by CIMB and completed through a...

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