Seadrill Limited and Malaysia-based Sapura Kencana Petroleum Berhad have made significant progress during the first phase of due diligence regarding the proposed merger of their tender rig businesses. The partners have agreed to extend the validity period of the non-binding MoU to February 8, 2013. The two companies had signed a non-binding MoU in November 2012 to merge their tender rig businesses, which would help them in garnering significant market share in the Eastern market.
