Transocean Ltd. (NYSE: RIG) said May 9 that through a joint venture (JV), with funds advised by Hayfin Capital Management LLP, it has purchased a 33.3% interest in the West Rigel—a newbuild harsh environment semisubmersible.
The total purchase price for the rig, built by Sembcorp Marine Ltd.’s Jurong Shipyard Pte. Ltd., is $500 million.
Transocean has initially invested $83 million in the JV with an additional investment of $83 million to be made at a later date in accordance with the terms of the JV arrangements with Hayfin. Transocean has also invested $8 million for working capital, which includes upgrades and activation cost with additional amounts to be later funded. The rig is expected to be delivered in the fourth-quarter of 2018, and available for charter in the first-quarter of 2019.
The rig, renamed the Transocean Norge, is a Moss Maritime CS60 design harsh environment semisubmersible and is considered to be among the most capable newbuild semisubmersibles in the world. Transocean possesses the exclusive right to market and operate the Transocean Norge, and will immediately begin engagement with customers.
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