Standard Drilling Signs MoU to Sell Jackups

Standard Drilling ASA has signed a Memorandum of Understanding (MoU) with an international offshore drilling contractor to sell the 100% owned jackup rig L 202 and entered into an option to sell the 100% owned jackup rig L 204.

The agreed transaction price for L 202 is US $215 million and the option price for L 204 is US $185 million. The option expires after 120 days. The transaction is subject to buyers due diligence and board approval by both parties.

A final agreement is expected before end of the third quarter.

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