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Thursday, 24 July, 2008, 09:40 GMT | more prices >>

Seadrill sells West Titania

By Upstream staff

Norway’s Seadrill has agreed to sell the 1981-built West Titania jack-up rig for $146.5 million to Nigerian drilling contractor SeaWolf Oil Services.

The unit is at present operating in Tunisia for Ecumed under a three-well contract that is expected to run until November, Seadrill said.

The unit will be transferred to SeaWolf upon completion of the contract, allowing Seadrill to receive income from the three-well assignment in addition to the agreed sale price.

Commenting on the purchase, a SeaWolf representative said: “SeaWolf's strategy is to establish a first class truly indigenous Nigerian drilling contractor which is well supported by this acquisition as well as our acquisition of the two Mosvold jack-ups."