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Seadrill Partners LLC Enters Into Agreement To Acquire Companies That Own And Operate Tender Rig T-15 From SeaDrill Ltd
Seadrill Partners LLC announced that it has entered into an agreement to acquire the companies that own and operate the tender rig T-15 from SeaDrill Ltd (Seadrill) for a total purchase price of USD210 million, less approximately USD100 million of debt outstanding under the credit facility secured by the T-15. The balance of the purchase price will be financed with vendor financing provided by Seadrill in the form of a loan in the amount of approximately USD110 million. The transaction is expected to close prior to the end of May 2013. The T-15 is contracted for a five-year period with Chevron in Thailand at a dayrate of $115,500. The rig is currently undergoing acceptance testing in Singapore prior to mobilizing to its drilling location, which is expected to occur by mid-June. The rig is currently earning a standby dayrate until it arrives in Thailand and commences operations. The Board of Directors of Seadrill Partners and the Conflicts Committee of the Board have approved the purchase price and vendor financing. The Conflicts Committee retained a financial advisor, DnB Markets, to assist with its evaluation of the transaction.
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