Northern Offshore Ltd to sell pair of North Sea rigs
Northern Offshore Ltd told the press that the company entered into a $750 million deal with affiliates of Transocean Inc. to buy a pair of semisubmersible drilling rigs in the North Sea.
Under the deal, which is expected to close in the second half of 2008, GSF Arctic II and GSF Arctic IV will be owned by subsidiaries of Northern Offshore.
Marion M. Woolie, Northern Offshore’s chief executive, said in a statement that the rigs will complement the company’s existing fleet. The rigs can drill to depths of 25,000 feet.
Transocean, the world’s largest offshore oil drilling contractor, had agreed to divest the rigs as part of its buyout of rival GlobalSantaFe Corp.
