Egypt-based Advanced Energy Systems (ADES) has bought the 1981-built Ben Loyal for an undisclosed sum.
The Friede & Goldman L-780 MOD II unit was bought by KCA in 2005 and had been on contract to the Mexican state oil giant from 2007. It was continuously employed in the Gulf of Mexico until October.
The jack up can work in waters of up to 300 feet (91 metres) and can drill to a depth of 30,000 feet.
