Seadrill Ltd, the Bermudian-based offshore drilling company, has completed the sale of its interest in an offshore Qatar jack-up fleet in a cash deal worth $338 million.

Seadrill sold three jack-up rigs — the West Castor, West Telesto and West Tucana — and its 50 per cent equity interest in the joint venture that operates these rigs off Qatar to Seadrill’s joint venture partner, Gulf Drilling International.

The company also provided an update on its share repurchase programme.

Seadrill completed the $250 million share repurchase programme initiated in December 2023 and will cancel the acquired shares.

The company’s board of directors has authorised a new $500 million share repurchase programme that will run for two years from the completion of the 2023 programme.

As an initial step, the board has authorised the company to purchase up to $200 million of the company’s common shares by September 30.