Bermuda-based Seadrill has entered into an agreement to sell the newly-built jack-up drilling rig West Juno to an undisclosed buyer incorporated in UK for $248.5 million.Seadrill expects to record a gain on the sale of approximately $18 million on closing. Closing of the agreement and the transfer of ownership of the unit is scheduled upon completion of the rig’s present drilling assignment late in the second quarter or early third quarter 2011. Seadrill expects to have an EBITDA contribution from the rig in the period up to closing of approximately $6 million.Alf Thorkildsen, CEO of Seadrill Management AS, said: “We are continuously evaluating sale and purchase opportunities in order to maximise the long term return for our shareholders. This dynamic approach can from time to time lead to divestments and reallocation of capital.“Although we remain optimistic on the market outlook for premium jack-up rigs, we have decided to relocate the proceeds to fund investment in other new unit as we since October 2010 have committed to investing $4.7 billion in newbuildings.”