Neptune Marine Oil & Gas Ltd. has entered into a Memorandum of Agreement with Zelie Industrial Limited, a Cypriot incorporated company.
The agreement is to acquire the semisubmersible drilling rig Atlantic Venture, originally known as the Sedco 708, for a purchase price of US$67 million. Sedco 708 is a second-generation semi originally built by Kaiser Steel Shipyard in California in 1977 to the Sedco 700 design. Atlantic Venture last operated as a drilling rig in 2002 while owned by Transocean. The rig has changed hands several times. In 2005, Thule Drilling bought the rig from Dubai-based Momentum Engineering, and Thule later sold the rig to Atlantic Marine Offshore Services in 2006. Also known as the Gulfdrill 7, the rig has had a sale restriction preventing it from being upgraded or maintained as a drilling unit, but that ban ends in July of this year. In April of last year, Atlantic Venture was picked up in Dubay and delivered by Fairmount Marine B.V. heavy-lift barge Gavea Lifter in Saldanha Bay, South Africa, where the rig was scheduled to undergo a life enhancement program.
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