Seadrill sells heavy-duty rigs

North Atlantic Drilling has completed its acquisition of Seadrill’s harsh-environment drilling activities for $4.1 billion.

Apr 4th, 2011

Offshore staff

HAMILTON, Bermuda -- North Atlantic Drilling has completed its acquisition of Seadrill’s harsh-environment drilling activities for $4.1 billion. The transaction followed North Atlantic’s private placement of 250,000,000 new shares in February, and the securing of a $2-billion loan facility.

North Atlantic Drilling will have five drilling rigs in operation – all 1,050 personnel have agreed to transfer to the new owner. A sixth rig, the West Elara, should be delivered shortly from the Jurong Shipyard and will then start drilling operations for Statoil in the North Sea.

In addition, Seadrill has decided to offer the recently ordered harsh environment jackup West Linus, which will be delivered to North Atlantic at its cost. This rig has a five-year drilling contract lined up offshore Norway for ConocoPhillips.

04/04/2011

More in Company News