Norwegian rig builder Standard Drilling has said it has sold the last of its jack-up drilling rigs for £147million ($223million) to Malaysia’s UMW Rig Asset group.
The sale, which the Oslo-listed firm said would earn the company £19million net profit, will leave Standard with £48million in the bank, but no more rigs on it build list.
The jack-up rig, which was built at Keppel FELS shipyard in Singapore is scheduled to be delivered in May 2014.
Standard said earlier this year they were optimistic about the market for jack-up rigs for the future, expecting day rates and rig valuation to continue to increase during 2013.
However, it added: “In light of the rig new build sales transactions executed during 2012, the Group will not be operating rigs in the near future.”
It is expected that the group will reduce its Singapore-based technical team.