West Auriga ownership changes hands

March 12, 2014
Seadrill Ltd (NYSE:SDRL) has agreed to sell the West Auriga drillship to Seadrill Capricorn Holdings.

Offshore staff

HAMILTON, Bermuda –Seadrill Ltd (NYSE:SDRL) has agreed to sell the West Aurigadrillship to Seadrill Capricorn Holdings. The implied sale price of the Auriga Acquisition is $1.24 billion, less $443.1 million outstanding under the facility related to the West Auriga.

The drillship is a sixth generation, dynamically positioned vesseldelivered from the Samsung shipyard to its current customer, BP, in October 2013. The West Auriga is expected to carry out operations in the U.S. Gulf of Mexico until the end of its contract in October 2020 at a dayrate of $565,000, excluding approximately $37,500 per day payable by the customer over the term of the contract relating to mobilization, variation orders, and other special and standby rates.

Capricorn Holdings is owned 51% by Seadrill Partners.