WestSide to Sell Rig to Fund Meridian Gas Field Expansion

WestSide Corporation has announced that it will sell Schramm drilling rig for $3.5 million to fund the expansion of Meridian gas field in Queensland, Australia.

The company disclosed in its December half year accounts that it 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 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.”