Seadrill sells stake in Sapurakencana Petroleum for $198 million -term sheet
SINGAPORE, April 28 (Reuters) - Norwegian rig firm Seadrill Ltd has sold its 8.2 percent stake in Malaysia's Sapurakencana Petroleum Bhd for $198 million, according to a term sheet seen by Reuters on Thursday.
Seadrill sold 490.3 million shares at 1.58 ringgit per share, a 10.7 percent discount to Sapurakencana's closing price of 1.77 ringgit on Wednesday, the term sheet shows.
Seadrill confirmed the sale of its remaining stake in Sapurakencana in a regulatory filing.
A person familiar with the matter said the deal was more than two times covered.
Morgan Stanley was the sole global co-ordinator for the sale. Maybank was the co-bookrunner. (Reporting by Anshuman Daga; Editing by Kenneth Maxwell)