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

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