T-16 had secured $93m of debt from Seadrill under the credit facility, which will be repaid as part of the deal.
Under the deal, the company will acquire the company that owns the T-16 for about $107m unregistered common units that Seadrill Partners will issue to Seadrill.
The transaction is expected to close by October 2013, under which the Seadrill will get T-16’s 3,310,622 shares at a price of $32.29 each based on the ten-day volume weighted average closing price ending on 10 October 2013.
The T-16 had started its operations in September 2013 under a five-year contract with Chevron in Thailand.
