The Singapore office of international law firm Freshfields Bruckhaus Deringer has advised Seadrill Limited (“Seadrill”), a leading offshore deepwater drilling company, on the integration of its tender rig division into SapuraKencana Petroleum Berhad (“SapuraKencana”), one of the world's largest integrated oil and gas services and solutions providers, for an agreed acquisition price of US$2.9 billion. Over the Chinese New Year period Seadrill and SapuraKencana entered into a conditional sale and purchase agreement in relation to the proposed transaction, which is expected to close by the end of April 2013.

The Freshfields transaction team was led by Singapore-based corporate partner Stephen Revell and senior associate Nigel Gleeson. Singapore-based corporate partner Gavin MacLaren advised on the ongoing tender rig construction arrangements and corporate partner Simon Weller was closely involved throughout. The Freshfields team worked closely with the Seadrill deal team, in particular Jon Olav Østhus, Robert Hingley-Wilson, Lee Geok Hiang and Grant Creed and with Norwegian legal counsel to Seadrill, Erling Lind of Wiersholm.

Commenting on the deal, Stephen Revell said: ‘This is a significant deal for Seadrill. Our Singapore-based team worked closely with Seadrill’s commercial and legal teams on a complex transaction which reshapes the global tender rig market and which played to our global expertise in finding practical solutions to the challenges that complicated carve-out transactions bring.’

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