Zapata Corp., Houston, has signed a definitive agreement to sell its fleet of offshore drilling rigs and related assets for $298 million as part of its restructuring move.
Buyer is Arethusa (Offshore) Ltd., a newly formed Bermuda company in which Zapata will own an 8.75% interest. Zapata will continue to manage the 12 rigs under contract.
Closing is expected Oct. 31.
Zapata's restructuring also involves a tender offer for its outstanding subordinated debentures. Consummation hinges on several things.
Failure of the tender offer could lead to a filing for bankruptcy, the company said.
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