The deal comes after Seadrill lost out on a coveted production drilling contract for the Johan Sverdrup field off Norway this week, leaving its semi-submersible West Venture that was being bid for the job without work after its current contract with Statoil expires next month.
The London-based rig giant, backed by shipping and offshore magnate John Fredriksen, said in a statement it is selling its ultra-deepwater drillship West Polaris to a subsidiary of Seadrill Partners for $204 million in cash, with the latter also to assume outstanding debt on the unit of $336 million.
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