July 10, 2006
Petrojack to sell two
Petrojack ASA reports that it has entered into a Letter of Intent to sell two of its jackup rigs under construction at Jurong Shipyard in Singapore to a major international drilling operator.
The two rigs (Petrojack I and Petrojack III) will be sold for a total sum of approx. $420 million.
The sale is subject to contract and board approval by the parties.
It is expected a sale will become effective within approximately two weeks.