illus. courtesy Petrojack

Norwegian rig-owning interests in the business owning the Petrojack II drill rig are selling the high-spec jack-up to a subsidiary of Saipem, apparently to pay back bondholders.

Saipem Comercio Maritimo S.U. of Portugal, a business of Italy-based Saipem, is understood to be paying $199.1 million for the Petrojack II. Petrojack II, the company, will “compensate” Saipem with $800,000 “for spare parts”.

“Following the sale of the rig, (Petrojact II) will redeem bonds in accordance with ... amended loan agreements,” a statement said, adding that the move had been approved by bondholders.

Earnings had been on hold in the company ahead of day rate payments after the sail-out of rigs this year.

Petrolia Drilling owns 40 percent of the outstanding shares in Petrojack ASA, which in turn owns semi-submersible builder Petrolia Drilling.

Petrojack rigs have been under construction at Jurong Shipyard in Singapore.