Seadrill plans up to $305m Malaysian selldown

SapuraKencana Petroleum Bhd's second largest shareholder plans to sell up to $305 million worth of shares in the Malaysian oil and gas services firm, according to a term sheet of the deal seen by Reuters.

Norway's Seadrill Ltd., the world's top offshore oil driller, is offering up to 230 million shares of SapuraKencana at 4.3 ringgit each, putting the total value of the deal at up to 989 million ringgit ($305 million). The price is equivalent to a 3.4 percent discount to Wednesday's closing price of 4.45 ringgit.

The deal consists of a base offer of 180 million shares, with an option to grow by 50 million shares, according to the terms.

Maybank was hired as sole placing agent for the selldown. ($1 = 3.2410 Malaysian Ringgits)

Reporting by Elzio Barreto