Malaysia’s UMW Drilling has sold its 50% stake in semi-submersible drilling rig Naga 1 to JDC Panama for $1.653m.
JDC Panama is part of Japan Drilling Company, and already owns the other 50% stake in the rig.
UMW said the price was derived from an open tender exercise to determine the value of the rig, and takes into consideration the rig value as well as the equipment and spares on board.
The sale is expected to be completed by May 9.