Offshore drilling contractor Transocean has completed a transaction to sell its entire jackup fleet to Borr Drilling for a total of $1.35bn.
The two companies signed a letter of intent for the deal in March.
The sale included Transocean’s 10 jackups in service and another 5 jackups under construction at Keppel FELS shipyard in Singapore.
Borr Drilling, which was formed by a clutch of former confidantes of John Fredriksen, completed a $800m equity offering in March to finance the deal.