Harrington agrees price for Seadrill jackup

Offshore staff

HAMILTON, Bermuda -- Seadrill has agreed to sell its jackup West Janus to Harrington LLC in Dubai for $73 million.

The company expects to record a gain on the sale of the rig, built in 1985, of over $50 million on closing. Transfer of ownership should go through later this year, after the rig has completed its current drilling assignment.

Alf C Thorkildsen, CEO of Seadrill Management, said: "We remain optimistic about the market outlook for premium jackup 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 jackup fleet to 2.6 years, and is in line with our strategy of focusing our company on modern, premium offshore drilling units."

06/21/2011

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...