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.
