Odfjell Rig Ltd has entered into an agreement with Songa Offshore ASA to sell the semi submersible "Deepsea Trym" for USD 238.5 million.
Deepsea Trym is of enhanced Aker H-3 design built in 1976 and has during the recent years been continuously upgraded to meet the latest operator and regulatory requirements for operations on the Norwegian Continental Shelf. The rig is currently working for Hydro on the Troll field on a firm contract until August 2007 with 3 ea 6 month options outstanding.
The transaction is scheduled to be completed mid January 2007 and Odfjell Drilling will continue to operate the rig for Hydro under a bareboat agreement for the remainder of the Hydro contract.
Ketil Lenning, CEO of Odfjell Drilling said: "Odfjell Drilling will maintain its full operational responsibility for Deepsea Trym with present crew under the Hydro contract. The sale of Deepsea Trym is part of Odfjell Drilling's strategy for fleet renewal. Odfjell Drilling has through Odfjell Invest a 6th generation semi submersible under construction at Daewoo in Korea with delivery October 2008. The new rig has received a Letter of Intent from Statoil which reaffirms Odfjell Drilling's position as a leading drilling contractor on the Norwegian Continental Shelf. "Contact for further information: Ketil Lenning - CEO, Phone: +47 55 998900 / Mobile: +47 91190811