Offshore drilling contractor Vantage Drilling has completed the sale of two premium jack-up rigs to ADES Holding Company, contracted for work in Southeast Asia.
The sale includes the Topaz Driller jack-up rig, operating in the Malaysia-Thailand joint development area, and the Soehanah jack-up rig, owned by Rig Finance (RFL), which operates in Indonesia.
As previously disclosed, ADES agreed to pay $190 million for the rigs.
The divestment of these high-quality assets underscores Vantage’s strategic focus on expanding its managed services business and maintaining a flexible, asset-light model that optimizes capital allocation.
“This transaction is a significant step in Vantage’s ongoing strategy to enhance shareholder value. By strategically selling these contracted rigs, we have shifted to a net cash position, allowing us to focus on expanding our managed services portfolio, which remains an area of focus for the company.
“We are confident this approach will further strengthen our financial position while providing ongoing, high-quality services to our clients,” said Ihab Toma, CEO of Vantage Drilling.