Seadrill Disposes of The Jack-Up Rig West JunoSource: www.gulfoilandgas.com 4/13/2011, Location: Europe
Seadrill has entered into an agreement to sell the newly built jack-up drilling rig West Juno to an undisclosed buyer incorporated in UK for a total consideration of US$248.5 million.
Seadrill expects to record a gain on sale of approximately US$18 million on closing. Closing of the agreement and the transfer of ownership of the unit is scheduled upon completion of the rig's present drilling assignment late second quarter or early third quarter 2011. Seadrill expects to have an EBITDA contribution from the rig in the period up to closing of approximately US$6 million.
Alf C Thorkildsen, CEO of Seadrill Management AS, says, "We are continuously evaluating sale and purchase opportunities in order to maximize the long term return for our shareholders. This dynamic approach can from time to time lead to divestments and reallocation of capital. We have through the sale of West Juno at an attractive price been able to monetize the underlying strength of the jack up market. Although we remain optimistic on the market outlook for premium jack-up rigs, we have decided to relocate the proceeds to fund investment in other new unit as we since October 2010 have committed to investing US$4.7 billion in newbuildings."
Seadrill's fleet of jack-up rigs remains the world largest modern jack-up fleet with a total of 19 units built after 2006. Furthermore Seadrill has options for construction of further six units at attractive prices compared to going market prices.
Drilling Instruments >>
Drilling Instruments News in United Kingdom >>
United Kingdom >> 5/5/2016 - Wood Group has been awarded a three year contract extending its support of Shell’s eight UKCS offshore assets. Wood Group PSN (WGPSN) will continue to...
United Kingdom >> 5/3/2016 - Global-leading energy services company Proserv has been awarded a multi-million dollar contract from Apache Corporation for work on the UK Continental...
Austria >> 4/27/2016 - Open interest volume (OIV) increased in March for select US commodity markets such as natural gas, livestock and precious metals, while decreasing for...
Norway >> 4/27/2016 - Aker Solutions and ABB agreed to build on their combined strengths in subsea, power and automation technologies to develop solutions that will improve...
Norway >> 4/25/2016 - Wood Group has recently won four subsea contracts with Statoil on the Norwegian continental shelf (NCS). The latest award is a study to deliver subsea...
Austria >> 4/19/2016 - Demand for OPEC crude for 2016 remained broadly unchanged from the previous report and is projected to increase by 1.8 mb/d, to average 31.5 mb/d. Wit...
Calibrators, Electronic, Pneumatic
Dissolved Oxygen meters
Indicators and Recorders
Monitoring & Control
pH and REDOX
Pressure gauges/ Transmitters
Temperature gauges/ Transmitters
Related Articles: Analyzers, Gas Calibration Equipment Calibrators, Electronic, Pneumatic Concentration Conductivity Meters Density Detector, Gas Dissolved Oxygen meters Drilling Instruments Float Switch Gas meters General Indicators and Recorders Leak Locators Level meters Liquid Measurement Load cells Monitoring & Control Mud Control Mud Logging pH and REDOX Pressure gauges/ Transmitters Radiation Detection SCADA Systems Temperature gauges/ Transmitters Thermocouples Thermowells Transducers Transmitters Transmitters, Pressure Viscosity Weather Station
|United Kingdom Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 ||