Seadrill buys Prospector Offshore in $250M deal

|About: Seadrill Limited (SDRL)|By:, SA News Editor

Seadrill (SDRL) agrees to acquire Prospector Offshore, owner of the yard construction contract for the new-build, high-specification jack-up rig Prospector 3.

SDRL will pay $235M for the business; including drilling and handling tools, spares and operations penetrations will bring the total cost for the rig, ready to drill, to ~$250M.

SDRL says the lack of premium jack-up new-build activity over the past decade is beginning to be felt and demand currently exceeds supply, with the tightness in the market leading many operators to contract the units for increasingly longer terms.