Malaysia’s integrated oil services company SapuraKencana Petroleum has entered into a non-binding agreement to acquire Norway-based Seadrill’s global tender rig operations for RM 8.8 billion. Seadrill will receive a minimum of RM 1.1 billion in new shares of SapuraKencana, which will double Seadrill’s stake in the company to 13 per cent from the current 6.4 per cent. Further, Seadrill will have the right to nominate two members to SapuraKencana’s board of directors. SapuraKencana will finance the remaining consideration through a mix of external borrowings, a seller’s note of up to RM 572.35 million, internally generated funds, and equity.