Seadrill Limited has entered into a definitive agreement to sell three jack-up rigs—the West Castor, the West Telesto and the West Tucana—and its 50% equity interest in the joint venture that operates these rigs offshore Qatar to Seadrill’s joint venture partner Gulf Drilling International (“GDI”) for cash proceeds of $338 million, according to the company's release.
The transaction is subject to certain conditions, including approval or non-objection of the Qatar Financial Centre Authority and approval of the shareholders of GDI’s parent company, and is expected to close early in the third quarter of 2024.
Concurrent with the announcement of the transaction, Seadrill announced its Board of Directors has increased the company’s aggregate share repurchase authorization, allowing the company to repurchase up to an additional $500 million of its outstanding common shares over a two-year period commencing after the current share repurchase program is completed.
Seadrill is an offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe.