Maersk Drilling said today it has entered into an agreement with a subsidiary of Shelf Drilling to sell the jack-up rig Maersk Completer for £28m in an all-cash deal.
Maersk Completer, which was delivered in 2007, has been stacked in Singapore since 2017.
The rig is expected to be offloaded in January 2020.
Shelf Drilling is a jack-up rig contractor incorporated in the Cayman Islands and headquartered in Dubai.
It has no North Sea situated assets.
The deal results in a pre-tax accounting loss of almost £26m for Maersk Drilling.
Jesper Ridder Olsen, chief financial officer of Maersk Drilling, said: “The sale is in line with our decision to concentrate our jack-up activities in the harsh environments in the North Sea, where we have our strengths and a better competitive position.
“With limited prospects for our reactivation of Maersk Completer we believe a sale creates the highest value for Maersk Drilling and our shareholders.”
The sale brings Maersk Drilling’s rig fleet count to 14 jack-up rigs, of which 13 are suited for operation in harsh environments, and eight floaters.