Seadrill Sells Three Jack-ups to Shelf Drilling
Seadrill Limited, announced that it had reached an agreement with Shelf Drilling to sell the West Triton, West Resolute and West Mischief for a total consideration of $225 million subject to customary closing conditions.
The West Triton and West Resolute are scheduled to be delivered to Shelf Drilling by the end of May 2017 and the West Mischief during 3Q 2017 after completion of its current drilling contract with NDC in Abu Dhabi.
The total debt outstanding on these three units is $102 million providing excess sale proceeds of $123 million.
The carrying value of the three units totals $415 million. A loss on disposal of $190 million is expected to be realized for the first quarter of 2017.
Shelf Drilling claims to be the world’s largest independent leg cantilever (ILC) jackup fleet contractor, with 36 ILC jackups and one swamp barge.
