Borr Drilling Signs Deal With Transocean to Buy 15 Rigs
Borr Drilling Limited announced Monday that it has signed a deal with Transocean for the acquisition of 15 high-specification jack-up rigs.
The transaction consists of Transocean’s entire jack-up fleet, comprising 10 rigs in Transocean’s fleet and five new-builds under construction at Keppel Fels Limited. Total consideration for the transaction is expected to be approximately $1.35 billion.
A deposit has already been paid from Borr to Transocean as part of the deal. Borr revealed that it has secured financing for the transaction through a private placement of equity securities.
The transaction is subject to the parties executing definitive agreements and satisfying formal closing conditions, including a final approval from the boards of directors of both companies. The completion of the transaction is expected to take place before the end of May.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.