Norway’s Seadrill Sells All shares in Indonesia’s Apexindo

On October 8, 2007 Norway’s Seadrill Ltd. sold its entire 32 percent stake equivalent to 835 million shares in Indonesian drilling company PT Apexindo Pratma Duta Tbk at US$0.26 per share for a total net consideration of US$220 million.
Seadrill is expecting to book a US$150 million gain on the sale of the shares in the fourth quarter 2007.  The Norwegian rig contractor said the investment in Apexindo was a strategic move to build the infrastructure of the company, but “became more of a financial investment” after taking over Smedvig ASA in early 2006.