Deal Description: On September 01, 2022, Seadrill Limited (“Seadrill” or the “Company”) announced that it has entered into a share purchase agreement to sell seven jack-up drilling rigs operated in Saudi Arabia to ADES Arabia Holding Ltd. (together, “ADES”) for a purchase price of US$628,000,000 in cash. Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe.
Upon completion of the sale seven rigs (AOD I, AOD II, AOD III, West Callisto, West Ariel, West Cressida, and West Leda) will be owned by ADES. ADES will also employ the crews operating the rigs and will hold the drilling contracts related to the rigs.
The transaction is expected to close during the fourth quarter of 2022 and is subject to the parties satisfying customary closing conditions. Seadrill will provide customary transition support services to ADES for a limited period following closing.
The Company's press release can be found here.
Baker Botts L.L.P. represented Seadrill in the transaction.
Baker Botts Lawyers/Offices Involved:
Corporate: Sian Williams (Partner, London), David Emmons (Partner, Dallas), Shadi Haroon (Partner, Riyadh), Jennifer O’Donoghue (Associate, London), Rakan Alyusuf (Associate, Riyadh).
Employment/Benefits: Sheena McCaffrey (Special Counsel, London).
Tax: Graham Brough (Special Counsel, London).
Antitrust: Paul Lugard (Partner, Brussels), Roxane Tonnelier (Senior Associate, Brussels).
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