Seadrill Ltd, the Bermudian-based offshore drilling company, has entered into binding share purchase agreements under which it will sell its entire 35 per cent shareholding in Paratus Energy Services Limited -- formerly Seadrill New Finance Ltd -- and certain other interests.

Paratus is the entity through which investments in SeaMex Group, Seabras Sapura and Archer Ltd are held.

Seadrill said completion of the sale was subject to customary closing conditions, including approval of competition authorities in relevant jurisdictions, and is anticipated to occur within the fourth quarter of 2022 or early 2023.

Seadrill to amend Euronext listing

The Oslo Stock Exchange has approved an application by Seadrill to change the status of its listing at Euronext Expand from a primary listing to a secondary listing.

Seadrill made the application because it listed its common shares on the New York Stock Exchange effective October 14.

The change from primary to secondary listing on Euronext Expand took effect October 17.

Borr unit enters into $715m worth of contracts

Perfomex, the Mexico-based joint venture company of Borr Drilling Limited, has entered into contracts with a combined value of $715 million.

Borr, the offshore drilling contractor headquartered in Bermuda, said the contracts are for the company's five premium jack-up rigs -- Galar, Gersemi, Grid, Njord and Odin -- with Opex Perforadora SA de CV and Perforadora Profesional Akal I SA de CV, providers of integrated well services to Pemex, the Mexican state-owned petroleum company.

The contracts, effective from October 20, will maintain all five rigs contracted until December 31, 2025.

The combined contract value includes upfront cash payments of $33 million.

The company said these agreements incorporated enhanced terms that were expected to improve the economic efficiency of the business.

Borr to sell drilling rig

Borr has agreed to sell the jack-up drilling rig Gyme for $120 million to an unrelated third party.

It said the rig was a 2018 PPL Pacific Class 400 in Singapore and had not been activated or contracted since its delivery.

The sale of the rig is an undertaking by the company under its most recent refinancing with PPL Shipyard, which was completed this month.

Proceeds from the sale will be applied to all outstanding amounts owed on the rig and excess amounts will be applied to the capitalised interest for the eight other rigs financed by PPL.

The transaction is expected to close in the fourth quarter of the year.

Shippers’ AGMs lead to board changes

Bermuda’s fleet of ship-owning companies was in port to hold annual general meetings.

Susan Sakmar was elected as a director of Flex LNG Ltd, the liquefied natural gas shipping company, and David McManus, Ola Lorentzon, Nikolai Grigoriev and Steen Jakobsen were re-elected.

Tor Olav Trøim, Kate Blankenship, Neil Glass, and Mi Hong Yoon were re-elected as directors of Borr Drilling.

Cyril Ducau, Peter Anker, Antoine Bonnier, Mr Glass, and Ms Yoon were re-elected as directors of Cool Company Ltd, the liquefied natural gas carrier company.

Kathrine Fredriksen, Øystein Kalleklev, François Sunier, and James O’Shaughnessy were re-elected as directors of Avance Gas Holding Ltd, which is engaged in the transportation of liquefied petroleum gas.

Ms Fredriksen, Gary Vogel, Keesjan Cordia, Mr O’Shaughnessy, Ole Hjertaker, and Will Homan-Russell were re-elected as directors of the ship-owning company, SFL Corporation Ltd.