Announcements


Date: 21 January 2013

OTHERS SAPURAKENCANA PETROLEUM BERHAD (FORMERLY KNOWN AS SAPURA-KENCANA PETROLEUM BERHAD) (“SAPURAKENCANA” OR “COMPANY”) MEMORANDUM OF UNDERSTANDING RELATING TO THE PROPOSED COMBINATION AND INTEGRATION OF THE RESPECTIVE TENDER RIG BUSINESSES OF SAPURAKENCANA AND SEADRILL LIMITED (“PROPOSED TRANSACTION”)

Type Announcement
Subject OTHERS
Description SAPURAKENCANA PETROLEUM BERHAD (FORMERLY KNOWN AS SAPURA-KENCANA PETROLEUM BERHAD) (“SAPURAKENCANA” OR “COMPANY”)

MEMORANDUM OF UNDERSTANDING RELATING TO THE PROPOSED COMBINATION AND INTEGRATION OF THE RESPECTIVE TENDER RIG BUSINESSES OF SAPURAKENCANA AND SEADRILL LIMITED (“PROPOSED TRANSACTION”)

 

Not for release or publication or distribution, directly or indirectly (in whole or in part) in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of any jurisdiction.

(Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcement dated 5 November 2012 in relation to the Proposed Transaction).

Reference is made to the announcement by the Company dated 5 November 2012 in relation to the Proposed Transaction.

On behalf of the Company, CIMB Investment Bank Berhad and Maybank Investment Bank Berhad wish to announce that the Company and Seadrill have mutually agreed to extend the validity period of the non-binding memorandum of understanding in relation to the Proposed Transaction from 21 January 2013 to 8 February 2013. The said validity period was extended to facilitate the ongoing due diligence by the Company and negotiations for the terms of the sale agreement and related transaction agreement(s) in relation to the Proposed Transaction.

A detailed announcement on the Proposed Transaction will be made in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad upon finalisation of the terms and conditions of the Proposed Transaction and execution of the sale agreement and related transaction agreement(s) in relation to the Proposed Transaction.

This announcement is dated 21 January 2013.


A further announcement will be made as appropriate.

This announcement relates to a non-binding memorandum of understanding. There is therefore no certainty that this announcement will lead to the implementation of the transaction contemplated herein. Shareholders of, and potential investors in, SapuraKencana and Seadrill are therefore advised to exercise caution when dealing in the securities of SapuraKencana and Seadrill until a further announcement is made.

This announcement does not constitute an offer for sale of any securities or an offer or an invitation to purchase any securities in any jurisdiction.


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