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Dubai’s Shelf Drilling to buy 38 shallow water drilling rigs

10 Sep 2012

(MENAFN) Swiss Transocean Ltd. stated that it will sell 38 shallow water rigs for nearly USD855 million in cash to Dubai-based Shelf Drilling International Holdings Ltd., reported AP.

The offshore drilling rig contractor said that the agreement, which is expected to be sealed in the fourth quarter, includes also USD195 million in preferred shares being issued by the newly-formed Shelf, which will bring the value of the deal to USD1.05 billion.

Transocean, which generates most of its revenue through its ultra-deepwater high-specification fleet, plans to increase focus on high-specification floaters and jackups.

It is worth noting that as part of the deal, Transocean will provide some transition support services to Shelf.

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