Offshore staff
HOUSTON –Transocean Ltd. (NYSE: RIG) (SIX: RIGN) has agreed to sell 38 shallow-water drilling rigs to Shelf Drilling International Holdings, Ltd. for approximately $1.05 billion.
The transactions are expected to close in 4Q 2012, subject to certain conditions.
Shelf Drilling is a newly formed company sponsored equally by Castle Harlan Inc., CHAMP Private Equity, and Lime Rock Partners.
"This agreement marks an important milestone in our asset strategy to increase our focus on high-specification floaters and jackups, improving our long-term competitiveness," said Steven L. Newman, President and Chief Executive Officer of Transocean Ltd.
“Our strategy will be to maintain an exclusive focus on shallow water drilling…” said David Mullen, president and CEO of Shelf Drilling.
9/10/2012
