Seadrill sells seven jackup rigs in Saudi Arabia
RIYADH, September 2, 2022 – Seadrill has signed a USD 628-million sales and purchase agreement with ADES Arabia Holding for the sale of seven jackup rigs in Saudi Arabia, the Bermuda-based offshore drilling contractor announced on Thursday.
The units on sale include the AOD I, AOD II, AOD III, West Callisto, West Ariel, West Cressida and West Leda jackup rigs.
The transaction is expected to close by Q4 2022.
Saudi offshore drilling player ADES Arabia Holding is backed by the Saudi Public Investment Fund.
“We are pleased to announce this transaction, which we believe crystallises the valuation of these rigs at a substantially higher level than currently implied in Seadrill’s share price,” said Simon Johnson, CEO of Seadrill. “It will also enable us to significantly de-lever our balance sheet, positioning us for future opportunities.”