Seadrill agrees jackup transfer

Seadrill has exercised its right to re-acquire the jackup West Ceres from a subsidiary of Ship Finance International, for a pre-agreed figure of $135.5 million.

Offshore staff



HAMILTON, Bermuda -- Seadrill has exercised its right to re-acquire the jackup West Ceres from a subsidiary of Ship Finance International, for a pre-agreed figure of $135.5 million.

The company has also entered into a memorandum of agreement to sell the rig to a Middle East drilling concern for $175 million plus a further $3 million related to inventory costs.

The rig is currently idle offshore Ghana. Closure of the agreement and transfer of ownership should both be completed later this month.

07/06/2009

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