Transocean to sell 38 shallow-water drilling rigs to Shelf Drilling for $1.05 bn
10 Sep 2012
Transocean Ltd, the world's largest offshore drilling contractor, today said that it will sell 38 shallow-water drilling rigs to Shelf Drilling International Holdings Ltd for about $1.05 billion in cash.
The sale price includes approximately $855 million in cash, and $195 million in seller financing, which will be in the form of preference shares issued by an affiliate of Shelf Drilling.
Shelf Drilling is a newly-formed company, owned equally by private equity firms Castle Harlan, Inc., Champ Private Equity and Lime Rock Partners.
Post closing, Shelf Drilling will be a leading global provider of shallow water drilling services, owning 37 standard jackup rigs and one swamp barge.
The company will operate throughout South-East Asia, India, West Africa, the Middle-East and the Mediterranean.
Geneva, Switzerland-based Transocean is the world's largest offshore drilling contractor owning nearly half of the around 50 deepwater platforms worldwide.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
