Deal: Seadrill sells off West Ceres
Seadrill set to sell West Ceres
Norway’s Seadrill has exercised its right to buy back the jack-up drilling rig West Ceres from Ship Finance International for the pre-agreed price of $135.5 million, and will now re-sell the unit for $175 million.
“Seadrill has subsequently entered into a memorandum of agreement to sell the jack-up rig to a reputable Middle East drilling company for a consideration of $175 million plus an additional $ 3 million for inventory related to West Ceres,” Seadrill said in a statement.
The company expects to report a $20 million gain on the sale in its third quarter.
The closing of the transfer and ownership exchange is expected to be completed in early July, Seadrill added.
The West Ceres is currently stacked off Ghana.