Jasper Investments say its subsidiaries, the Neptune Group of companies, had on Jan 20, sold its drillship Neptune Discoverer to PetroSaudi International for US$150 million ($210 million).

But PetroSaudi has retained the Neptune Group to manage Neptune Discoverer on its behalf for a period of three months under a temporary service agreement.

With the sale of vessel, PetroSaudi will take over the drilling contract between Petroleos de Venezuela, S.A. (PdVSA) the Neptune Group.

PetroSaudi International is a privately owned oil exploration and production company, which is involved in oil and gas projects in energy-producing regions around the world.

After the sale, the group owns two drilling rigs; Neptune Finder and Neptune Explorer which has completed its upgrading as a dynamically positioned (DP2) drillship with 5th generation drilling equipment which is capable of drilling up to water depths of 5,000 feet.

After deducting expenses, the US$149 million of net proceeds from the sale will be used to fully repay the bank loan secured against the Neptune Discoverer as well as reduce other liabilities of the Neptune Group.