Seadrill to delist from Oslo in September, selling three rigs

Seadrill, the Bermuda-based offshore rig contractor led by Simon Johnson, has received shareholder and Oslo Stock Exchange approval to delist on September 10, 2024.

Seadrill returned to the public markets of the Oslo Stock Exchange and the New York Stock Exchange after emerging from bankruptcy protection in 2022. The announced delisting from Oslo will allow Seadrill to maintain a single listing on the NYSE.

Seadrill noted that a single listing on the New York Stock Exchange is best suited to Seadrill’s strategy, growth and scale and is “consistent with efforts to simplify the business.”

In addition to the move to exit the Oslo Stock Exchange, in May this year Seadrill announced the dissolution of Gulfdrill LLC, its 50/50 joint venture with Gulf Drilling International (GDI), which was established in 2019 to operate and manage the Qatari jackup rig fleet.

Currently, Seadrill has sold its Qatari jack-up rig business and the associated three jack-up rigs, the West Castor, the West Telesto and the West Tucana, to its joint venture partner. The sale is scheduled for June 2023 when it is first proposed.

Seadrill has entered into a definitive agreement with Gulf Drilling International to sell the three rigs and a 50 percent stake in the joint venture for cash proceeds of $338 million.

Yangzijiang Shipbuilding

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