Maersk Drilling will transfer ownership of the rig to Havila Sirius in an all-cash transaction with cash proceeds to be paid upon closing of the transaction, expected to take place in the second half of 2021.
As part of the deal, Repsol will lease the rig from Havila Sirius and assume responsibility for the day-to-day operation of the rig on the Yme field.
Maersk Drilling will deliver certain transitional services, and a transfer of undertaking will be completed whereby certain employees are expected to be transferred from Maersk Drilling to Repsol.
Maersk Drilling will also provide drilling management services against payment of a management fee in the transitional period post-closing and for a firm period of 12 months.
The sale will result in Maersk Drilling’s contract backlog reduction of around $440m. Part of the proceeds from the sale will be used for a partial repayment of the syndicated loan facility.