We are positive on this symbiotic relationship; maintain Buy. Seadrill
is a seasoned partner of SapCrest. It has a 24% stake in the latter and
co-owns several drilling rig operations in Malaysia. Both will provide
an equal contribution in this rewarding venture. Seadrill offers the
business knowledge of the Brazilian offshore market, while SapCrest will
provide the technical expertise in the installation, pipe-laying and
facilities (IPF) field. Maintain Buy and RM5.62 TP.
Maybank Research 20 Feb 2012
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