Transocean Completes Sale of Rigs to Shelf Drilling
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) has announced that it has closed on the previously disclosed transaction to sell 38 shallow water drilling rigs to Shelf Drilling Holdings, Ltd. ("Shelf Drilling"). Shelf Drilling is a newly-formed company sponsored equally by Castle Harlan, CHAMP Private Equity and Lime Rock Partners. The $1.05 billion sales price includes approximately $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing, which is in the form of preference shares issued by an affiliate of Shelf Drilling. As previously disclosed, Transocean will provide various transition support services to Shelf Drilling for a period of time subsequent to the closing of the transaction.
Aker Solutions Wins Multiple Drilling Equipment Contract
Aker Solutions has won a contract with a subsidiary of Honghua Holding Ltd. of China to deliver high specification drilling equipment components for seven new onshore drilling rigs. Honghua is building a series of seven drilling rigs for a premier drilling company in the Middle East region. The contract includes options for another four identical deliveries. Each drilling equipment delivery includes a draw work, three mud pumps, a 1000 tons top drive and other equipment from Aker Solutions. "This contract underlines the quality of Aker Solutions' drilling equipment portfolio, combined with our proven execution ability on multi-rig projects and that our high specification equipment can be applied in the onshore drilling marketā¦
