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Bermuda : SEADRILL LIMITED inks deal to sells T-16 Tender Rig to SEADRILL PARTNERS.

Seadrill Limited will be selling the company that owns the tender rig T-16 to Seadrill Partners LLC for a consideration of US$200 million, less approximately US$93 million of debt outstanding under the credit facility secured by the T-16.

The company that owns the T-16 will be acquired by Seadrill Partners in exchange for around US$107 million in unregistered common units that Seadrill Partners is to issue to Seadrill Limited.

3,310,622 will be the number of common units to be issued to Seadrill Limited at a price of US$32.29 on the basis of the ten-day volume weighted average closing price ending on October 10, 2013 for Seadrill Partners common units.

Closure of the transaction is expected within October 2013.

In September 2013, the T-16 started operations under a five-year contract with Chevron in Thailand at an initial dayrate of US$115,500.

The debt secured by the T-16 is set to mature in December 2017 and has an interest rate of LIBOR plus a margin of 3.25% per annum.

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Publication:Mena Report
Date:Oct 16, 2013
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