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Seadrill sells, leases rig duo for $850M


Published Nov 7, 2008
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West Hercules-3
West Hercules (courtesy Seadrill)

Seadrill has completed the sale — part of a sale and leaseback — of the drill rig West Hercules to Ship Finance and will pocket $850 million, the company heralded Friday.

The semi-submersible rig and another, the West Taurus, are to be sold for a combined $1.7 billion and simultaneously leased by Seadrill over 15 years.

West Taurus was delivered from Jurong Yard, Singapore on the news and will cross the world to Brazil and a six-month contract with Petrobras on 9 November 2008.

Three rigs have been delayed: Seadrill has taken delivery of five out of eight newbuild deepwater rigs scheduled for delivery in 2008. Three others await service in January 2009.

“Seadrill is transforming from a company with a huge investment program and limited free cash flow to a company where the majority of the deepwater newbuilds have been delivered and are generating dayrates between $475,000 and $630,000,” a statement said.

The deepwater West Hercules started operations for Husky Oil China Ltd earlier this week.

Tags: Husky Oil China Ltd, Petrobras, Seadrill




   

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