Seadrill To Sell Qatar Jack-Up Fleet to Unspecified Buyer for Undisclosed Terms

Seadrill Ltd SDRL stated it is in the discussion about divesting the Qatar Jack-up fleet.

The company plans to sell the jack-up rigs known as the West Castor, West Telesto, and West Tucana. 

Also, the company intends to sell its 50% stake in Gulfdrill, a joint venture with Gulf Drilling International.  

SDRL has not reached a deal for the divestiture with any potential purchaser. The company did not disclose the financial terms or the target price it anticipates.

Last month, SDRL reported a Q1 2023 operating revenue of $266 million (+17% Q/Q), with technical utilization of 96%.

In April, the company completed the acquisition of Aquadrill, which added $470 million in order backlog on April 3, 2023.

Price Action: SDRL shares closed lower by 2.29% at $38.00 on Friday.

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