SDRL - Seadrill Limited sells the tender rig T15 to Seadrill Partners LLC
Hamilton, Bermuda, May 7, 2013 - Seadrill Limited ("Seadrill) has today entered
into an agreement to sell the companies that own and operate the tender rig T15
to Seadrill Partners LLC for a total consideration of US$210 million, less
approximately US$100 million of debt outstanding under the credit facility
secured by the T15. The balance of the acquisition price will be financed with
vendor financing provided by Seadrill in the form of a loan in the amount of
approximately US$110 million due in 2016, accruing interest quarterly at 5% plus
LIBOR. It is expected that the vendor financing will be refinanced prior to its
maturity.
The T15 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 transaction is expected to close prior to the end of May 2013.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding the Company's ability to complete the acquisition of the T-15 are
considered forward looking statements. These statements are made based upon
management's current plans, expectations, assumptions and beliefs concerning
future events impacting the Company and therefore involve a number of risks,
uncertainties and assumptions that could cause actual results to differ
materially from those expressed or implied in the forward looking statements,
which speak only as of the date of this news release. Important factors that
could cause actual results to differ materially from those in the forward
looking statements include, but are not limited to the performance of the
drilling rigs in the Company's fleet, delay in payment or disputes with
customers, fluctuations in the international price of oil, changes in
governmental regulations that affect the Company or the operations of the
Company's fleet, increased competition in the offshore drilling industry, and
general economic, political and business conditions globally. Consequently, no
forward looking statement can be guaranteed. When considering these forward
looking statements, you should keep in mind the risks described from time to
time in the Company's filings with the SEC, including its Annual Report on Form
20-F (File No. 25542-0001).
The Company undertakes no obligation to update any forward looking statements to
reflect events or circumstances after the date on which such statement is made
or to reflect the occurrence of unanticipated events. New factors emerge from
time to time, and it is not possible for us to predict all of these factors.
Further, the Company cannot assess the impact of each such factor on its
business or the extent to which any factor, or combination of factors, may cause
actual results to be materially different from those contained in any forward
looking statement.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
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