Was perusing through the Seadrill (SDRL.OL) prospectus that was included as part of the company’s Oslo relisting event.
Some interesting data-points:
#1. In April 2022, sold two semi-submersible rigs to New Fortress Energy (NFE). Will come back to this item
#2. During the time Seadrill was under bankruptcy protection (in 2021), the company opted to sell a jack-up rig to New Focus Energy (NFE). Given that NFE had
indicated its “Fast LNG” plans were based on utilizing two jack-up rigs in shallow waters, that asset sale made sense.
#3. (Back to #1). The two semi-submersible rigs sold to NFE are specially designed rigs. The typical semi-submersible rig is a four-sided shape. These two rigs, and a sister rig, were acquired by Seadrill from another drilling entity, Sevan drilling, and have a circular base. Each rig has ultra deep-water capability (> 7500 ft). The two rigs were sold to NFE for a combined $24M. IIRC, Seadrill paid more than $1B to acquire the Sevan drilling assets (2 operating rigs, a newbuild-in-progress, and an option for a fourth newbuild)
a. Deterioration of asset values: Seadrill paid $700M - $850M for those two rigs, then disposed them for a combined $24M
b. NFE plans: Are the two rigs to be used as a pair for one project? Or individually, for two projects?
#4. Lots of interesting data on multi-year fleet utilization
Seadrill prospectus:
https://www.seadrill.com/investors/
Image of one of the Sevan drilling rigs–
https://sevanssp.com/sevan-brasil/