Drilling contractor KCA Deutag has sold its Ben Loyal jack-up rig to an Egyptian group.
ADES has paid an undisclosed sum for the Ben Loyal, which was built in 1981 and bought by Aberdeen-based KCA Deutag in 2005.
The sale comes days after KCA Deutag said it had won contracts in the Caspian Sea with oil giant BP worth a total potential value of $1 billion (£670 million).
Ben Loyal is capable of drilling in water depths of 300 feet and until October had been continuously under contract in the Gulf of Mexico.
KCA Deutag chief executive Norrie McKay said: “The sale of the Ben Loyal is another important step for KCA Deutag as we continue to focus our growth strategy on our core businesses of premium rig services, specialist engineering and design, and land rig manufacturing.”