Seadrill Sells Jack-Up Rig West Janus
Seadrill has entered into an agreement to sell the 1985 built jack-up drilling rig West Janus to Harrington LLC in Dubai for a total consideration of USD 73 million. Seadrill expects to record a gain on the sale in excess of USD 50 million on closing. Closing of the agreement and the transfer of ownership of the unit is scheduled upon completion of the rig’s present drilling assignment in the second half of 2011.
Seadrill’s fleet of jack-up rigs remain the world largest modern jack-up fleet. The company built a total of nineteen units, including rigs under construction. Furthermore, Seadrill has options for construction of six further units at attractive prices. Alf C Thorkildsen, CEO of Seadrill Management AS says: “We remain optimistic about the market outlook for premium jack-up rigs, and at the same time continue to highgrade our fleet by disposing some older units, whilst adding new rigs to it. The disposal of West Janus further reduces the average age of the modern Seadrill jack-up fleet to 2.6 years, and is in line with our strategy of focusing our company on modern, premium offshore drilling units.”