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(Image courtesy of SapuraKencana)

Seadrill announced Wednesday that it sold 230 million shares (4%) of SapuraKencana for about $300 million.

After the sale, Seadrill still holds an interest of around 8% in company stock.

Seadrill’s Tor Olav Troim will continue to serve as a board member of SapuraKencana.

Seadrill has entered into a lock up agreement for its remaining shares until the end of 2014.

John Fredriksen, chairman, president ,and director of Seadrill said, “We are very pleased with the progress to date of our partnership with SapuraKencana, both in the integration of the tender rig business and in the development of our successful PLSV joint venture in Brazil. We are today working together on several new businesses with the target of creating new growth opportunities supported by long term contracts. Our support for one of our closest partners is unwavering and we look forward to many years of future cooperation.”