Seadrill Mulls Brazilian Venture
Bermuda’s Seadrill Limited is contemplating expanding its product range with an ambition to offer a wider range of oilfield services in Brazil.
The company announced today [Dec. 14] that such expansion could include a joint investment with SapuraCrest Petroleum Bhd, or SapuraCrest, which recently, through a wholly owned subsidiary, entered into agreements with Petrobras for five-year charters of three pipe laying support vessels [PLSVs] to be built for operations in Brazil.
Two of the PLSVs are to be built outside Brazil, while one PLSV will be built in Brazil in compliance with applicable local content requirements. Commencement of operations for the PLSVs is planned to start by October 2014.
Seadrill, through its subsidiaries, would have a 50 percent equity participation in entities which will enter into charter and services agreements with Petrobras with respect to the PLSVs.
The joint investment is dependent, among other factors, on approval by SapuraCrest shareholders. Seadrill holds a 23.6 percent equity interest in SapuraCrest.
Bermuda-based Seadrill is a leading offshore deepwater drilling company.
The company operates a fleet of 60 units for operations in shallow to ultra-deepwater areas in harsh environment and benign environments including semi-submersibles, deepwater drillships and jack-ups.
Seadrill, which operates in 15 countries on five continents, is listed on the New York Stock Exchange and the Oslo Stock Exchange.
