Seadrill Ltd. has bought the West Prospero rig to an undisclosed purchaser for $45 million, exiting the jack-up sector.
“With the sale of the West Prospero, we have now monetized a non-core asset that has been stacked since 2016 and efficiently executed on our technique to exit the benign jack-up market”, president and chief govt Simon Johnson stated in an internet assertion.
Hamilton, Bermuda-based Seadrill’s newest fleet standing report, revealed November 12, confirmed West Prospero had been in Malaysia with no contract.
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West Prospero was constructed 2007 in Singapore. It measures 234 ft x 208 ft x 25 ft. The vessel has a most water depth of 400 ft and most drilling depth of 30,000 ft. West Prospero flies the Panamanian flag, based on on-line info from Seadrill.
On June 25 Seadrill stated it had accomplished the divestment of three jackup rigs and its 50 % stake within the three way partnership that operates these rigs in Qatar for $338 million. Seadrill’s three way partnership companion Gulf Drilling Worldwide took over West Castor, West Telesto and West Tucana.
“Our divestiture of the Qatar Jack-Up Fleet and exit from the three way partnership are in line with our ongoing efforts to strengthen and simplify our enterprise and can enable us to deal with Seadrill’s core enterprise: working deepwater rigs throughout the Golden Triangle and equally advantaged geographies”, Johnson stated in an announcement Might 16 saying the transaction with Gulf Drilling.
“We imagine that our strengthened liquidity place upon completion of the jack-up sale, coupled with our conviction within the deepwater floater market outlook and Seadrill’s aggressive positioning inside it, helps the growth of our share repurchase program”.
Seadrill stated on the time it had raised its share buyback plan to as a lot as $500 million over two years.
In one other simplification transfer, Seadrill delisted from the Oslo Inventory Trade on September 9 to deal with its United States shares.
“A single itemizing on the NYSE [New York Stock Exchange] is most acceptable for Seadrill’s technique, improvement, and dimension”, Johnson stated June 7.
On the finish of the third quarter Seadrill had a gross principal debt of $625 million and money and money equivalents of $592 million for a internet debt place of $33 million, based on outcomes it revealed November 12.
In different latest fleet developments, Petróleo Brasileiro SA contracted Seadrill’s ultra-deepwater drillships West Jupiter and Wes Tellus for work in Brazil.
West Jupiter secured a 1,095-day deployment through aggressive bidding. Anticipated to start out within the first quarter of 2026, the contract provides about $493 million to Seadrill’s order backlog, Seadrill stated in an announcement December 17.
West Tellus additionally received a 1,095-day contract with an choice for an extra 305 days. Anticipated to start within the first quarter of 2026, the work for the Sépia and Atapu fields within the Santos Basin contributes round $498 million to Seadrill’s order backlog.
“This contract and the lately introduced award for West Jupiter deepens our relationship with a key buyer on the coronary heart of the deepwater market”, Johnson stated in a separate assertion. “These fixtures present roughly $1 billion of extra backlog and a significant uplift to earnings and free money move starting in 2026”.
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