Baker Technology has divested its entire 20.29 per cent stake in Discovery Offshore SA.It has sold its 13.288 million shares to Hercules Offshore Inc for 199.33 million Norwegian kroner (S$41.68 million), or 15.00 kroner per share. As at March 31, 2013, the net book value of Baker's investment in Discovery was $32.18 million and the excess of the disposal consideration of $41.35 million over Discovery's book value was $9.17 million. Baker's capital gains from the disposal will be $8.76 million.

Source: The Business Times / Bloomberg / Straits Times