Seadrill Limited announced today that it has entered into an agreement with Seadrill Partners pursuant to which the Company will sell to (i) Seadrill Operating LP, the Company's 70% owned subsidiary, all of the ownership interests in the entities that own and operate the semi-submersible drilling rig, the West Leo , and Seadrill Capricorn Holdings LLC, the Company's 49% owned subsidiary, all of the ownership interests in the entities that own and operate the semi-submersible drilling rig, the West Sirius. The Leo Acquisition and the Sirius Acquisition (collectively, the "Dropdowns") will be accomplished through a series of purchases, contributions and assumptions of debt. The Dropdowns are subject to the satisfaction of certain closing conditions, the company said in its press release.
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