Seadrill sells stake in Apexindo
Monday, October 8 2007 - 08:38 AM WIB
Norwegian oil- rig company Seadrill has sold its entire holdings of 32 percent shares in JSX-listed drilling company PT Apexindo Pratama Duta Tbk for US$220 million to undisclosed company, the company said in statement Monday.
The company said it sold its shares at Apexindo at Rp.2400 (US$ = Rp. 9,100) per share. As a result of this sale, Seadrill is expected to record a gain of approximately US$150 million in the fourth quarter 2007.
Seadrill acquired stake at Apexindo in early 2006.
Apexindo, a subsidiary of JSX-listed energy firm PT. Medco Energi Internasional Tbk, owns and operates nine onshore drilling rigs, four swamp barges and two jack-up rigs.
Medco is also in the process of selling its entire 51.38 percent stake in Apexindo to highest bidder. (denny)