KUALA LUMPUR (Apr 10): Seadrill Ltd has sold 230 million shares representing about 4% in SapuraKencana Petroleum Bhd for some US$300 million (RM966.4 million).

In a statement, Seadrill chairman, president and director John Fredriksen said the US and Norway-listed oil and gas support-services provider realised a gain of approximately US$165 million from the sale.

"Following the completion of this transaction, Seadrill will continue to own approximately 490 million shares, representing an approximate 8% ownership stake in SapuraKencana.

"Tor Olav Trøim will continue to serve as a board member of SapuraKencana with John Fredriksen as an alternate director," Fredriksen said.

According to Fredriksen, Seadrill remains a long-term strategic investor in SapuraKencana. In connection with the share sale, he said Seadrill had signed a lock-up agreement for its remaining shares in SapuraKencana until the end of this year.

Fredriksen said Seadrill would continue to support SapuraKencana's strategy of growing the latter's offshore oil and gas support-services business.

He said SapuraKencana, having acquired Seadrill's tender rig assets, was in an ideal position to support global hydrocarbon field development.

"We are very pleased with the progress to date of our partnership with SapuraKencana, both in the integration of the tender rig business and in the development of our successful PLSV (pipe laying support vessel) joint venture in Brazil.

"We are today working together on several new businesses with the target of creating new growth opportunities supported by long-term contracts.  Our support for one of our closest partners is unwavering and we look forward to many years of future cooperation." Fredriksen said.