John Fredriksen’s Seadrill agreed to offload the $3bn division in a November deal which will see it take on shares in the Asian firm and offload debt.
Seadrill says the first part of the due diligence process has now been completed and the deadline for the transaction has been stretched until 8 February.
This gives more time to sort out details of the pact.
The companies, which has worked together since the early 1990s, will jointly operate 16 rigs in the water and a further five newbuildings, according to the terms outlined in the initial announcement.
Three tender rigs from Seadrill Partners, which has just listed in the US, will be offered to SapuraKencana on management contracts.
Seadrill will receive additional shares worth $350m in the Malaysian outfit with Fredriksen and an associate set to join its board.
