Transocean, the world’s largest offshore driller, will sell 38 shallow-water drilling rigs to a Dubai-based firm for £656million to concentrate on high-specification floaters and jack-ups.
High-specification rigs are more efficient and can fetch much higher day-rates.
The deal was struck with Shelf Drilling International Holdings, a newly formed company sponsored by private equity firms Castle Harlan, Champ Private Equity and Lime Rock Partners.
The firm will operate throughout south-east Asia, India, west Africa, the Middle East and the Mediterranean.