Transocean Sells 38 Rigs to Shelf Drilling

Transocean Sells 34 Rigs to Shelf Drilling

Transocean Ltd. announced today that it has closed on the previously disclosed transaction to sell 38 shallow water drilling rigs to Shelf Drilling.

Shelf Drilling is a newly-formed company sponsored equally by Castle Harlan, CHAMP Private Equity and Lime Rock Partners., focused on providing of shallow water drilling services in Asia, Africa and the Middle East.

Steven Newman, President and CEO of Transocean remarked: “This transaction improves Transocean’s long-term competitiveness by effectively repositioning the company as a more focused operator of high-specification drilling equipment.” Newman continued, “For the former Transocean employees that are embarking on this exciting opportunity with Shelf Drilling, I extend my sincere thanks for your service to the company and wish you great success in this new venture.”

The $1.05 billion sales price includes approximately $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing, which is in the form of preference shares issued by an affiliate of Shelf Drilling.  Transocean will provide various transition support services to Shelf Drilling for a period of time subsequent to the closing of the transaction.

December 3, 2012; Image: Transocean

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply