Seadrill Pays $1.2B For Drilling Rigs

Seadrill will acquire two ultra-deepwater semi-submersible drilling rigs. The Norwegian-Bermudan offshore drilling company will pay a total of $1.2 billion for the acquisition of Seadragon I and Seadragon II.

Seadrill has also secured a new seven year-term bank debt to finance the investment. The delivery of Seadragon I, which has a five year contract in place, is expected in the first quarter of 2011 and for Seadragon II, which currently has no employment in place, the delivery would be due in the fourth quarter of this year.

Click here for the release from Seadrill.