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Northern Offshore Ltd. confirmed that a subsidiary of the company has entered into a memorandum of agreement for the sale of the jackup drilling rig Energy Exerter to an undisclosed buyer.
Closing of the transaction, which is subject to certain routine conditions, is expected by October 19. An escrowed deposit equal to 10% of the purchase price has been received.
The company expects net proceeds from the sale of approximately $43.5 million.