Seadrill Limited (NYSE:SDRL) has announced the sale of its Qatar Jack-Up Fleet to Gulf Drilling International (GDI) for $338 million.

The transaction includes three jack-up rigs and Seadrill's 50% stake in the joint venture that operates these rigs offshore Qatar.

The sale, which is subject to approval from the Qatar Financial Centre Authority and shareholders of GDI's parent company, is expected to be completed in the third quarter of 2024.

This sale is part of Seadrill's strategic efforts to optimize its fleet and enhance shareholder value.

In line with this strategy, Seadrill also announced plans to expand its share repurchase program.

The company's board of directors has authorized an additional $500 million for the repurchase of its outstanding common shares over the next two years, following the conclusion of its current program.