Rowan sells two jack-up rigs to its Saudi Aramco JV in £200m deal

A Rowan jack-up rig
A Rowan jack-up rig

Offshore driller Rowan has sold two jack-up rigs to its Saudi Aramco joint venture in a deal worth £202million.

Rowan has completed the sale of the Scooter Yeargain and Hank Boswell Tarzen class rigs to ARO Drilling.

The firm will receive £68million in cash, plus £133.6millionin shareholder notes from the transaction.

ARO is a 50-50 joint venture between Houston-based Rowan, which operates globally, and Saudi Aramco.

It comes after larger rival Ensco announced it will takeover Rowan in a deal worth an estimated £1.7billion, which is due to be completed next year.

Rowan said the rigs are now deemed to have started a new three-year contract with Saudi Aramco.