Seadrill Ltd. of Hamilton, Bermuda, said it agreed to sell three jack ups to Shelf Drilling of Dubai for $225 million with sale proceeds amounting to $123 million after paying outstanding debt. Seadrill is restructuring its debt arrangements with lenders.
Sale of the three jack ups remains subject to closing conditions. After closing, the West Triton and West Resolute are scheduled for delivery to Shelf Drilling by May 31. West Triton and West Resolute were without active contracts.
The West Mischief is scheduled for delivery to Shelf Drilling during the third quarter. West Mischief currently is on contract with National Drilling Co. (NDC) offshore Abu Dhabi. But NDC had served a contract termination notice to end the contract early.
Shelf Drilling is an independent-leg cantilever (ILC) jack up fleet contractor, with 36 ILC jack ups and one swamp barge. It operates primarily in shallow water in the Middle East, North Africa, and Mediterranean, Southeast Asia, India, and West Africa. The company concentrates on development drilling and workovers on producing fields in as much as 400 ft of water.
