Malaysian offshore providers supplier Icon Offshore has accomplished the sale of its Perisai Pacific 101 jackup drilling rig to ADES.
The 2014-built rig was bought to ADES for $85 million in money and the disposal of the rig was accomplished on November 22, 2022.
When it first introduced the deal to promote the rig, Icon Offshore said that the proposed sale supplied a possibility for it to unlock vital worth and monetize its funding within the rig at a major revenue.
Icon, which purchased the rig in 2020 for just a little over $40 million, mentioned the sale would enable it to streamline its operations and use its monetary assets to give attention to the offshore assist vessel enterprise.
“Our group won’t solely additional improve and strengthen its presence in its remaining present actions, however may also think about different viable funding alternatives,” Icon mentioned in October.
Icon then mentioned that the sale didn’t imply the corporate would exit the offshore drilling enterprise, because it nonetheless owns the license to function offshore drilling enterprise. The corporate mentioned it might search to bareboat constitution third social gathering rigs for future tenders as a part of its plan to stay energetic within the drilling enterprise.
Additionally, it mentioned in October that a part of the proceeds arising from the Perisai Pacific 101 rig sale have been meant for use for the proposed distribution through dividends and/or particular dividends to its shareholders.
As for the customer, ADES, the corporate has been on a jack-up rig purchasing spree this yr.
Again in October, ADES acquired seven Seadrill offshore rigs, bringing ADES’s whole offshore fleet to 48 rigs. ADES mentioned the acquisition of Seadrill rigs made it “the biggest jack-up operator on the planet.”
As well as, earlier this month, ADES signed a bareboat constitution with Singapore’s Keppel for 2 jack-up rigs – the Cantarell III and Cantarell IV – to be deployed in Saudi Arabia.
The charters can be for a interval of 5 years and are anticipated to start out in 1H 2023. The deal introduced the overall variety of rigs Keppel O&M has on constitution with ADES to 4, as ADES in Might agreed to constitution two newbuild jack-up rigs from Keppel O&M.
Other than the already talked about corporations, for the reason that late 2021, ADES has purchased jack-up rigs from Aban Offshore, Maersk Drilling, Noble Corp., Vantage Drilling, and Valaris.
ADES provides its providers to grease corporations within the Center East and North Africa.
Elsewhere within the Center East, the UAE-based drilling agency ADNOC Drilling on Thursday took supply of the primary of three newbuild jack-up rigs from Keppel. The rigs have been initially ordered by Borr Drilling, which ultimately novated the drilling contracts to ADNOC Drilling.