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Seadrill Partners to buy the ultra-deepwater drillship West Auriga

LONDON -- Seadrill Limited has agreed to sell the West Auriga ultra-deepwater drillship to Seadrill Capricorn Holdings, Seadrill Partners 51% owned subsidiary. Seadrill Limited owns the remaining 49% interest. 

The West Auriga is a 6th generation, dynamically positioned drillship delivered from the Samsung shipyard to its current customer, BP, in October 2013.  The West Auriga is expected to carry out operations in the U.S. Gulf of Mexico until the end of its contract in October 2020 at a dayrate of $565,000 per day, excluding approximately $37,500 per day payable by the customer over the term of the contract relating to mobilization, variation orders and other special and standby rates.

The acquisition, which is expected to close within 30 days, will be accomplished through a series of purchases, contributions and assumptions of debt. The implied sale price of the acquisition is $1.24 billion, less $443.1 million outstanding under the facility related to the West Auriga. 

03/12/2014

 

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