PE-Backed Drilling Co. Pays $1B For 38 Transocean Rigs

Law360, New York (September 10, 2012, 9:54 PM EDT) -- Switzerland-headquartered Transocean Ltd. struck a deal Sunday to sell 38 shallow-water rigs for $1.05 billion to a unit of a newly formed drilling company controlled by American and Australian private equity firms, according to a regulatory filing.

The parent of Shelf Drilling International Holdings Ltd., which is sponsored equally by U.S.-based investment houses Castle Harlan Inc. and Lime Rock Partners and Sydney-headquartered CHAMP Private Equity, will get 37 standard rigs and one swamp barge, according to a disclosure Transocean filed with the U.S. Securities and Exchange Commission....
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