(Source: Shutterstock)
Seadrill Ltd. has completed the sale of its West Prospero jackup rig to an undisclosed buyer, the company said Dec. 26. Seadrill garnered proceeds of $45 million in cash from the sale.
The sale is part of Seadrill’s plan to exit “the benign jack-up market,” President and CEO Simon Johnson said in the sale’s press release.
“With the sale of the West Prospero, we have monetized a non-core asset that has been stacked since 2016,” Johnson said.
In May, Seadrill announced the sale of three jackup rigs offshore Qatar—West Castor, West Telesto and West Tucana—to Gulf Drilling International. In the announcement, Johnson said the company was simplifying its business to focus on operating deepwater rigs across the Golden Triangle and other advantageous areas.
In announcing the sale of the Qatar rigs, Johnson said the divestment strengthened Seadrill’s liquidity position and added to the company’s “conviction in the deepwater floater market outlook and Seadrill’s competitive positioning within it.”
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