Deal Description: On May 16, 2024, Seadrill Limited (“Seadrill” or the “Company”) announced that it has entered into a definitive agreement to sell three jack-up rigs—the West Castor, the West Telesto and the West Tucana (the “Qatar Jack-Up Fleet”)—and its 50% equity interest in the joint venture that operates these rigs offshore Qatar to Seadrill’s joint venture partner Gulf Drilling International (“GDI”) for cash proceeds of $338 million (the “Transaction”).

The Transaction is subject to certain conditions, including approval or non-objection of the Qatar Financial Centre Authority and approval of the shareholders of GDI’s parent company, and is expected to close early in the third quarter of 2024.

For further information, the Company’s press release can be found here.

Baker Botts L.L.P. represented Seadrill in the transaction.

Baker Botts Lawyers/Offices Involved:

Corporate: Sian Williams (Partner, London), David Emmons (Partner, Dallas), Clint Rancher (Partner, Houston), Jennifer O’Donoghue (Associate, London).

Antitrust: Paul Lugard (Partner, Brussels), Margot Vogels (Associate, Brussels). 

Tax: Graham Brough (Special Counsel, London).

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