Seadrill’s Equatorial Guinea Contract

December 27, 2011

Bermuda-based Seadrill has been issued a letter of award by Hess Equatorial Guinea, Inc. to enter into an eight well drilling contract offshore Equatorial Guinea for the semi-tender rig “West Esperanza.”

The anticipated contract duration is a minimum of 18 months, with corresponding potential revenues of approximately $127 million plus mobilization fee.

“West Esperanza”, which Seadrill ordered on speculation in June 2011, is currently under construction at Keppel FELS yard in Singapore.

Construction is scheduled for completion in early second quarter of 2013. Following mobilisation from Singapore to Equatorial Guinea, the rig is scheduled to commence operation at the end of the second quarter of 2013.

Alf C. Thorkildsen, CEO in Seadrill Management AS, says in a comment, “We are delighted to have agreed our first operation for Hess in Africa. This award represents our first tender rig operation in Equatorial Guinea and grows the international footprint of the tender rig concept.

“Furthermore, the assignment confirms our strong market position within this segment and demonstrates the high demand for new premium offshore drilling equipment.”

SeaDrill Limited is a Bermuda-based company active in the oil and gas industry.

The Hamilton company operates a fleet of 60 units comprising drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas.

The company’s customers are national, international and independent oil companies

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