Seadrill Limited has entered into an agreement to sell the companies that own and operate the tender rig T15 to Seadrill Partners LLC for a total consideration of $210 million, less approximately $100 million of debt outstanding under the credit facility secured by the T15. The balance of the acquisition price will be financed with vendor financing provided by Seadrill in the form of a loan in the amount of approximately $110 million due in 2016, accruing interest quarterly at 5 percent plus LIBOR. It is expected that the vendor financing will be refinanced prior to its maturity.
The T15 is contracted for a five-year period with Chevron in Thailand at a dayrate of $115,500. The rig is currently undergoing acceptance testing in Singapore prior to mobilizing to its drilling location, which is expected to occur by mid-June. The rig is currently earning a standby dayrate until it arrives in Thailand and commences operations.
The transaction is expected to close prior to the end of May 2013.
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