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Seadrill Partners LLC Agrees To Acquire The Tender Rig T-16

Friday, 11 Oct 2013 08:54am EDT 

Seadrill Partners LLC announced that it has entered into an agreement to acquire the Company that owns the tender rig T-16 from Seadrill Limited for a total purchase price of USD200 million, less approximately USD93 million of debt outstanding under the credit facility secured by the T-16. Seadrill Partners will acquire the Company that owns the T-16 in exchange for approximately USD107 million in unregistered common units that Seadrill Partners will issue to Seadrill Limited. The number of common units to be issued to Seadrill Limited will be 3,310,622, at a price of USD32.29 which is based on the ten-day volume weighted average closing price ending on October 10, 2013 for Seadrill Partners' common units. The transaction is expected to close within October 2013. The T-16 commenced operations in September 2013 under a five-year contract with Chevron in Thailand at an initial dayrate of USD115,500. The debt secured by the T-16 matures in December 2017 and has an interest rate of LIBOR plus a margin of 3.25% per annum. 

Company Quote

-1.05 -6.71%
22 Dec 2014