Seadrill To Sell Ultra-deepwater Drillship West Vela To Seadrill Partners

(RTTNews) - Seadrill Limited (SDRL) Tuesday said it agreed to sell interests in the entities that own and operate the drillship the West Vela to Seadrill Capricorn Holdings, Seadrilll Partners's 51% owned subsidiary. The Vela Acquisition, which is expected to close within 3 days, will be accomplished through a series of purchases, contributions and assumption of debt.

The West Vela is a 6th generation, dynamically positioned drillship delivered from the Samsung shipyard to its current customer, BP, in November 2013. The West Vela is expected to carry out operations in the U.S. Gulf of Mexico until the end of its contract in November 2020.

The implied purchase price of the Vela Acquisition is $900 million, less $433 million of debt outstanding under the existing facility financing the West Vela.