Seadrill (SDRL) Sells 300M Shares of SapuraKencana for $200M; Will Record Gain

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Seadrill (Nasdaq: SDRL) has sold 300 million shares in SapuraKencana Petroleum BHD ("SapuraKencana"). The proceeds from the transaction will be approximately US$200 million.

The book value of Seadrill's total position in SapuraKencana was US$111 million by the end of the first quarter 2012. A material accounting gain related to Seadrills position in SapuraKencana is expected for the second quarter of 2012. Following the transaction, Seadrill will remain holder of 319.5 million shares in SapuraKencana, corresponding to 6.4% of the outstanding shares.

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