SeaDrill Purchased Share in Indonesian Drilling Contractor Apexindo

On 22 July the Norwegian drilling company entered an agreements to purchase between 32% and 37% of the enlarged share capital of PT Apexindo Pratama Duta Tbk, Indonesia’s largest national onshore & offshore drilling company,
for a USD 65 million investment.
     A Memorandum of Understanding was signed by the two which will enable SeaDrill to use Apexindo’s services to market and operate SeaDrill’s offshore rigs in the Middle East and Asia, with main focus on the Indonesian market.
     SeaDrill Chairman John Fredriksen says: “We are very pleased with this investment which gives us a strategic position in a well established drilling contractor in the Far East. With one new build high spec jack-up rig presently under construction in Singapore, another high spec jack-up rig presently employed with StatOil, four advanced spec swamp barges working for TotalFina Elf and 11 land rigs, we feel that the investment includes instant value as well as significant upside. The strategic partnership which gives SeaDrill access to Apexindo’s strong marketing and operational management further enhances the quality of this deal. Experienced management and a high quality operation will be increasingly important as the drilling industry is running at full utilization.”

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