Seadrill and SapuraKencana have completed their previously announced transaction to integrate Seadrill’s tender rig division into the latter company, after the signing of the conditional Sale and Purchase Agreement between the parties.

The agreed upon acquisition price is valued at US $2.9 Bn, which includes cash, SapuraKencana shares, all debt in the tender rig business, and Seadrill’s future capital commitments for newbuilds.

A total of 400.8m shares received by Seadrill bring its equity holding in SapuraKencana to approximately 12%, with its total shareholding having an estimated gross value of approximately $753m. John Fredriksen, Chairman of Seadrill Ltd., is a nominee to the Board of Directors of SapuraKencana.

Mr Fredriksen, Chairman, President and Director of Seadrill, said: “We are pleased to have completed this important transaction with our long-term partner, SapuraKencana. We look forward to support the integration of the tender rig fleet in order to facilitate a smooth and orderly transition for the customers.

“This transaction will free up significant financial flexibility for Seadrill, and the proceeds will as previously stated be used over time to continue to aggressively grow our modern ultra-deepwater and jack-up exposure.”