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Seadrill completes sale of 7 jackups to ADES

Rig Lynx
  • By Rig Lynx
  • Oct 20, 2022
  • Category : Archives
  • Views : 773

 

Seadrill announced that the Jack-up Sale has been completed pursuant to the SPA.

 

As the Jack-up Sale has completed, the AOD I, AOD II, AOD III, West Callisto, West Ariel, West Cressida and West Leda are now owned by ADES, and ADES employs the crews operating the rigs and holds the drilling contracts related to the rigs.

 

The total consideration for the Jack-up Sale is USD 628 million in cash, subject to adjustment for working capital and other items, and reimbursement to Seadrill for any project costs spent in relation to the reactivation of the three stacked jack-ups, namely the West Ariel, West Cressida and West Leda ('Reactivation Rigs'). The consideration translates into approx. USD 100 million per rig on a ready-to-drill basis. The proceeds from the Jack-up Sale enable Seadrill to significantly de-leverage its balance sheet and to eliminate outstanding capital expenditure for the Reactivation Rigs.

 

Source: Seadrill

 

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