Standard Drilling Completes Sale of Jack-Up Rig to Mexican Client

SD Standard Drilling Plc, has today completed the sale of its Jack-up Drilling Rig hull no B337 to CP Latina.

The under-construction KFELS B Class jack-rig has been sold to the Mexico-based CP latina for a total consideration of USD 222.5m.

“The sale of B337 will reduce the future capital investments (obligations vs Keppel FELS) by USD 153.6m. The total remaining commitment vs the yard, Keppel FELS, will correspondingly be reduced from USD 614.4m to USD 460.8m. After the transaction, Standard Drilling will have a strong net cash position,” Standard Drilling said in a a statement.

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Offshore Energy Today Staff, January 15, 2013