Vessel contractor Transocean has completed the $1.35billion sale of its jack-up rig fleet to Borr Drilling.
The sale included 10 jack-ups and five rigs under construction at Keppel’s shipyard in Singapore.
Switzerland-based Transocean received about $320million in cash from the sale.
The remaining financial obligations for the five jack-ups at Keppel have been transferred to Borr.
Transocean is expected to continue operating the three jack-ups working in Thailand until the current drilling contracts expire.
Transocean chief executive Jeremy Thigpen said: “The sale of our jack-up fleet is consistent with our strategic goal of remaining the industry’s undisputed leader in the ultra-deepwater and harsh environment markets, where our high quality assets, unmatched operational experience and trusted customer relationships provide us with a clear competitive advantage.”