Offshore accommodation rig provider Floatel International has finalized the sale of semi-submersible accommodation rig Floatel Reliance, which has been in lay-up since April 2016.
The firm contract follows the previously announced agreement in principle for the sale of the vessel for continued operational use.
The transfer of ownership and settlement is scheduled to take place in the second quarter of 2025. Floatel did not disclose the name of the buyer or the value of the contract.
The company said earlier it decided to sell Floatel Reliance rig is due to reactivation costs, required before resuming operations, which is predicted to last eight to ten months.
The reactivation cost is considered too high to create shareholder value for Floatel International’s shareholders, according to the company.
Also, Floatel noted the specification of Floatel Reliance does not align with Floatel International strategy to serve tier 1 customers and highend DP 3 markets.
Built in 2010, Floatel Reliance is designed for worldwide operation with emphasis on mid-harsh environmental conditions in the world, such as the US Gulf of Mexico, Campos Basin Brazil and Asia Pacific. It can accommodates 500 people.