Viking Drilling has entered into a letter of intent (LOI) for the sale of the rig SS Viking Century at US $23.5 million. The rig will be sold "as is where is." However, the Board of Directors emphasize that the final sale of the rig is subject to Buyer's completion of inspection, due diligence, the parties agreeing to a final sale agreement and final approval by the US Bankruptcy Court.
Provided all subjects have been lifted, and the parties have entered into a final sale agreement, approved by the Board of Directors, a motion for the approval of the sale of the Viking Century will be filed with the US Bankruptcy Court within the end of October 2008. If the Court approves the motion to sell the Viking Century, the rig will be delivered to the Buyer and settlement will be made before year end 2008. Upon completion of the sale, the Company will book a profit from the transaction.
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