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Prospector Offshore Drilling SA Sells Prospector Rig 3 Owning Company S.a r.l. to Seadrill Limited's Subsidiary

Friday, 15 Nov 2013 02:01am EST 

Prospector Offshore Drilling SA announced that the Company's relevant group subsidiaries have entered into an agreement (the Rig 3 Company Sales Agreement) with Seadrill Jack-up Holding Ltd., a subsidiary of Seadrill Limited (Purchaser), for the sale and purchase of 100% of the shares and certain intercompany obligations of Prospector Rig 3 Owning Company S.a r.l. The total sales consideration is approximately USD 55.2 million in cash. As part of the Rig 3 Company Sales Agreement, the Purchaser will deposit USD 6.0 million in an escrow account no later than November 19, 2013, and closing is scheduled for November 28, 2013. At closing the USD 6.0 million will be released from escrow and the final payment of USD 49.2 million will be made, of which USD 10.0 million will be held in an escrow account and released upon delivery of Rig 3 by DSIC-Offshore. The closing of the sale and purchase of the shares will be subject to obtaining the approval of DSIC-Offshore. Assuming the closing of the transaction occurs, the Company anticipates that its net proceeds from the sales transaction will be approximately USD 52 million. The Company also anticipates that it will recognize a gain of approximately USD 28 million at closing, based on the first instalment of USD 19.9 million for the shipyard contract with DSIC-Offshore, project management costs, broker commissions, taxes and professional fees related to the Rig 3 Company Sales Agreement. 

Company Quote

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17 Sep 2014