Prospector Offshore, Seadrill Finalize Sale and Purchase Agreement
Prospector Offshore Drilling S.A. announced yesterday that the previously announced sale of a subsidiary has been completed.
Reference is made to the Company’s announcement on 15 November 2013, regarding the agreement with Seadrill Jack-up Holding Ltd., a subsidiary of Seadrill Limited, for the sale and purchase of 100% of the shares and certain intercompany obligations of Prospector Rig 3 Owning Company S.à r.l., the subsidiary that is party to a rig construction contract with Dalian Shipbuilding Industry Offshore Co., Ltd. (“DSIC-Offshore”) the builder of the jack-up drilling rig with Hull No. JU2000E-11 (the “Rig 3 Transaction”).
The Rig 3 Transaction has now been completed in accordance with the provisions of the respective sale and purchase agreement. The Company’s aggregate net proceeds from the Rig 3 Transaction are approximately USD 52 million and the Company will recognize an aggregate net gain of approximately USD 28 million based on the first instalment of USD 19.9 million for the shipyard contract with DSIC-Offshore, project management costs, broker commissions, taxes and professional fees.
PROS, November 28, 2013