WestSide said that a contract to sell the company’s Schramm drilling rig has settled following receipt of a total consideration of $3.5 million.
WestSide disclosed in its December half year accounts that the company had entered into a contract on 23 January 2014 to sell the drilling rig and associated assets.
WestSide’s Managing Director Mike Hughes said operating and maintaining a drilling rig was not a core business.
“The sale of the rig is in line with WestSide’s strategy of focusing our efforts on a development of the Meridian asset,” Hughes said.
“Importantly, it also provides additional capital which WestSide can utilise to fund the expansion of the Meridian gas field to supply increasing volumes of gas under the Company’s recently executed transformational gas sales agreement with the GLNG project at Gladstone.”