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Seadrill Closes the Tender Rig T-16 Transaction

Source: www.gulfoilandgas.com 10/21/2013, Location: Europe

Seadrill Limited has completed the previously announced transaction to sell the T-16 tender rig to Seadrill Partners with effect from October 18, 2013. The agreed upon sale is for a total price of US$200 million, less approximately US$93 million of debt outstanding under the credit facility secured by the T-16. Seadrill Limited has therefore sold the company that owns the T-16 in exchange for approximately US$107 million in unregistered common units that Seadrill Partners has issued to Seadrill Limited.

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