Seadrill, the world’s biggest offshore oil driller by market value, plans to spin off Brazilian unit Seabras with a share sale worth up to 1.7 billion reals ($971 million) in the first initial public offering of 2012 on the Sao Paulo exchange. Rio de Janeiro-based Seabras plans to sell as many as 65.2 million common shares at a price of 20 to 26 reals each, according to a market notice published on Monday. Seabras expects to price its share offering on Feb. 9 and start trading shares by Feb. 13.
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