Seadrill Completes Sale of Cold-Staked Jackup Rig
Offshore rig owner Seadrill recently finalized the sale of its only cold-stacked jackup rig, the West Prospero, for cash proceeds totaling $45 million. The 2007-built rig had been cold-stacked since 2016.
The West Prospero had its last contract from May 2014 to May 2016 with Lundin Energy, which is now part of Aker BP since 2022.
Currently, Seadrill has three more cold-stacked rigs in its fleet – the 2008-built West Aquarius, the 2011-built West Eclipse, and the 2011-built West Phoenix, all of which are semisubmersibles.
The only remaining jackup rig in Seadrill’s fleet is the West Elara, currently operational under a 10-year contract with ConocoPhillips set to conclude in May 2028.
Seadrill’s fleet also includes 12 active drillships and the 2013-built circular hull semisubmersible Sevan Louisiana, which is currently contracted to Walter Oil & Gas, contributing to the company’s backlog of around $2.3 billion as of mid-November.
President and CEO of Seadrill, Simon Johnson, stated, “With the sale of the West Prospero, we have monetized a non-core asset that has been stacked since 2016 and successfully executed our strategy to exit the benign jack-up market.”