Transocean in $1.0bn oil rig deal with Shelf Drilling

ZURICH: Swiss oil drilling giant Transocean said Monday it had signed a deal to sell 38 oil rigs to Shelf Drilling worth $1.05 billion (821.2 million euros).

Shelf Drilling, whose headquarters are in Dubai, is expected to pay $855 million in cash and the remaining $195 million through seller financing when the deal goes through at the end of 2012.

"This agreement marks an important milestone in our asset strategy to increase our focus on high-specification floaters and jackups, improving our long-term competitiveness," said Steven Newman, Transocean president and chief executive officer.