Jakarta, The Jakarta Post -- Seadrill Ltd., the Norwegian oil-rig company founded by billionaire John Fredriksen, sold its stake in the drilling unit of PT Medco Energi Internasional for $220 million.
Seadrill will book a gain of about $150 million in the fourth quarter after selling its 32 percent stake, or 835 million shares, in Indonesia's PT Apexindo Pratama Duta, the company said in a statement to the Oslo stock exchange Monday.
“The investment in Apexindo was acquired at the time when Seadrill was seeking a ``strategic partner'' to build up the infrastructure of the company, Seadrill said.
After buying Norwegian Norwegian rival Smedvig ASA in 2006, the investment in Apexindo “became more of a financial investment for Seadrill, it said. - Bloomberg
Tuesday, October 9, 2007
Seadrill Sells Stake in Medco’s Unit
