Transocean in $1bn rig sale

Sell-off: Steven Newman-led Transocean in $1bn rig sale deal

AFP/SCANPIX

Eoin O'Cinneide

 10 September 2012 07:06 GMT

Transocean has sold 38 rigs to a private equity-backed player in a deal worth just over $1 billion.

Shelf Drilling International Holding has taken all shallow-water units in a cash-plus-shares deal totalling $1.05 billion.

The sales price includes $855 million in cash and $195 million in seller finanacing comprised of preferential shares.

The deal is expected to close in the fourth quarter.

Shelf is a company backed by three private equity players: Castle Harlan, Champ Private Equity and Lime Rock Partners.

Transocean also revealed that former Seadrill finance man Esa Ikaheimonen will join the company in November, replacing Gregory Cauthen as chief financial officer. The Finn, who left John Fredriksen's Seadrill earlier this…

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