Sapurakencana Petroleum Bhd News

SapuraKencana Petroleum Bhd's second largest shareholder plans to sell up to $305 million worth of shares in the Malaysian oil and gas services firm, according to a term sheet of the deal seen by Reuters. Norway's Seadrill Ltd., the world's top offshore oil driller, is offering up to 230 million shares of SapuraKencana at 4.3 ringgit each, putting the total value of the deal at up to 989 million ringgit ($305 million). The price is equivalent to a 3.4 percent discount to Wednesday's closing price of 4.45 ringgit. The deal consists of a base offer of 180 million shares, with an option to grow by 50 million shares, according to the terms. Maybank was hired as sole placing agent for the selldown. ($1 = 3.2410 Malaysian Ringgits)   Reporting by Elzio Barreto

Seadrill announces favourable first quarter 2013 financial results. •    Seadrill completes the sale of 18 tender rigs to SapuraKencana Petroleum Bhd. As of March 31, 2013, cash and cash equivalents were US$361 million, an increase of US$43 million compared to the previous quarter. Net cash from operating activities for the period was US$423 million and net cash used in investing activities for the same period was US$1,074 million, primarily related to additional payments for newbuilds and the acquisition of the Songa Eclipse.