Transocean, Shelf close jackup deal

Offshore staff

ZUG, Switzerland – Transocean has completed a previously announced $1.05 billion sale of 38 shallow water drilling rigs to newly established Shelf Drilling.

The deal includes some $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing, Transocean said.

Shelf Drilling, a privately held corporation registered in Grand Cayman, will immediately assume operations of seven rigs. The remaining currently contracted rigs will operate under a transitional agreement with Transocean with Shelf assuming full operation of the entire fleet in 2013.

The acquisition includes 37 jackup rigs and one swamp barge. Most of the jackups operate in water depths of 250-400 ft (76-122 m).

12/3/12

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