Seadrill considering sale of Qatar jack-up fleet

Seadrill is in active discussions to potentially sell another three offshore rigs, known collectively as the Qatar jack-up fleet.

The Bermuda-domiciled drilling contractor on Monday confirmed it is in talks for the potential divestment of the jack-ups West Telesto, West Castor and West Tuscana that are currently bareboat chartered to Gulfdrill — a 50:50 joint venture between Seadrill and Gulf Drilling.

These active discussions also include talks on the potential sale of Seadrill’s equity in Gulfdrill.

Seadrill took pains to stress that it has not yet reached agreement on material terms, including price, with any potential purchaser.

“Any transaction remains subject to additional due diligence and the negotiation and execution of definitive agreements,” the company said, adding that there is no certainty at this stage that the process will continue or that a transaction will materialise.

Last week Seadrill sold out of the tender rig market following a deal to offload three rigs to Singapore’s Energy Drilling Management.

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Chief executive Simon Johnson told the Marine Money Ship & Offshore conference in Oslo earlier this month the company would shrink before it would grow.

He said the tender rigs would likely be sold with the focus then turning to expansion in the semisubmersible and drillship arena.