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Transocean venture picks up abandoned drillship at DSME

Swiss-based offshore drilling giant Transocean has formed a joint venture with Frederik W. Mohn’s investment vehicle Perestroika and funds managed by Lime Rock Management to purchase a newbuild drillship abandoned in South Korea.

The JV named Liquila Ventures has struck a deal with Daewoo Shipbuilding & Marine Engineering (DSME) for the ultra-deepwater unit formerly known as West Aquila, John Fredriksen’s rig investment company, Northern Drilling, left with the yard after a delivery delay and a repudiatory breach of contract.

Liquila is paying around $200m for the seventh-generation dual-activity drillship, and Transocean has made a $15m noncontrolling investment in the JV and maintains the exclusive right to market and manage the rig.

The rig, which should deliver in the third quarter of 2023, was originally ordered by Fredriksen-founded Seadrill together with another drillship formerly known as West Libra in 2013. Northern Drilling picked up the pair for $296m each in 2018, but cancelled the resale contract last year.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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