Seadrill Completes Tender Rig Sale

Seadrill Limited  has today completed the transaction to sell the T-15 tender rig to Seadrill Partners.

The agreed upon sale is for a total price of US$210 million, less approximately US$100 million of debt outstanding under the credit facility secured by the T-15. The balance of the total consideration is being financed with vendor financing provided by Seadrill in the form of a loan in the amount of approximately US$110 million.

The T15 is contracted for a five-year period with Chevron in Thailand at a dayrate of $115,500. The rig is currently undergoing acceptance testing in Singapore prior to mobilizing to its drilling location, which is expected to occur by mid-June.