Seadrill Secures New Contracts and One Extension

Thursday, April 3, 2014

Seadrill Ltd. saw its contract for the jack up West Mischief extended and secured new contracts for the jack up units West Tucana, West Telesto, West Ariel, and West Prospero. The total revenue potential for the four new contracts and one extension is approximately $319 million.

The West Tucana has secured a contract with Chevron’s Angolan unit Cabinda Gulf Oil Co. Ltd. The contract is for a firm period of 24 months. The total revenue potential for the primary contract term is approximately $168 million inclusive of an estimated $8.5 million of mobilization. The West Tucana is currently operating in Vietnam and will likely be available to commence its charter in late-November 2014.

The West Ariel secured a contract offshore Congo with ENI Congo SA. The contract is for a firm period of 12 months plus an option of 12 months. The total revenue potential for the primary contract term is approximately $89 million inclusive of an estimated 8.5 million of mobilization. The West Ariel is currently operating in Vietnam and will likely be available to commence its charter in late-April or early-May 2014.

In addition ENI extended the charter of the West Mischief for four months at an increased day rate. This extension not only represents an additional $24 million to the total value of the contract but also demonstrates the strong working relationship between the two companies.

The West Telesto has secured a contract offshore Australia with Origin Energy and the West Prospero secured a contract offshore Vietnam with JVPC.

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