Seadrill set to sell West Juno

Seadrill has agreed to sell the newbuild jackup West Juno to an undisclosed buyer for $248.5 million.

Offshore staff

HAMILTON, Bermuda -- Seadrill has agreed to sell the newbuild jackup West Juno to an undisclosed buyer for $248.5 million.

The company expects to net a gain on sale of around $18 million on closing. Transfer of ownership is pending completion of the rig's present drilling assignment.

Alf C Thorkildsen, CEO of Seadrill Management, said: "Although we remain optimistic on the market outlook for premium jackup rigs, we have decided to relocate the proceeds to fund investment in other new units."

Seadrill’s fleet of jackups includes 19 units built post-2006. The company says it plans to construct a further six jackups.

04/13/2011

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