08:03 AM EDT, 05/16/2024 (MT Newswires) -- Seadrill ( SDRL ) said Thursday it has agreed to sell its three jack-up rigs in Qatar and its 50% stake in a joint venture that operates the rigs to its JV partner Gulf Drilling International for $338 million in cash.

In addition, Seadrill ( SDRL ) said its board has authorized the expansion of its current share buyback program by up to $500 million over a two-year period.

The sale of the rigs and the JV interest is expected to close early in Q3, subject to the approval of the Qatar Financial Centre Authority and Gulf Drilling International parent company shareholders.

Seadrill ( SDRL ) shares were 2.2% higher in premarket trading.

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