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Seadrill sells rigs to Shelf Drilling

Written by  OE Staff Tuesday, 02 May 2017 03:50


Seadrill is to sell three jackup rigs, the West Triton, West Resolute and West Mischief, to Shelf Drilling for US$225 million.  

The West Triton and West Resolute are scheduled to be delivered to Shelf Drilling by the end of May 2017 and the West Mischief during 3Q 2017, after completion of its current drilling contract with NDC in Abu Dhabi. 

The total debt outstanding on these three units is $102 million providing excess sale proceeds of $123 million.

The carrying value of the three units totals $415 million. A loss on disposal of $190 million is expected to be realized for the first quarter of 2017

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