Sept 10 Transocean Ltd , owner
of the world's largest offshore drilling fleet, said it will
sell 38 shallow-water drilling rigs to Shelf Drilling
International Holdings Ltd for about $855 million in cash.
The sale price includes $195 million in seller financing,
bringing the total deal value to about $1.05 billion. Seller
financing will be in the form of preference shares issued by an
affiliate of Shelf Drilling, the company said.
Shelf Drilling is a newly formed company sponsored by
private equity firms Castle Harlan Inc, CHAMP Private Equity and
Lime Rock Partners.
Due to the sale of rigs, Transocean said it now expects its
third-quarter 2012 results to include a non-cash charge.
In June, three sources told Reuters that Transocean has put
its Middle East rig assets up for sale, in a deal likely to
raise $1 billion for the Switzerland-based company.