Seadrill Subsidiary Contract Extension
North Atlantic Drilling — a partially owned subsidiary of Bermuda’s Seadrill — has been awarded an 18 month contract extension for the drillship “West Navigator” [pictured] by A/S Norske Shell. This contract extension will secure employment for “West Navigator” until end of June 2014. The estimated revenue value for the contract extension is US$320 million.
Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS said today [Jan.19], “Shell’s decision to extend the contract for ‘West Navigator’ reflects the performance of the drillship and a tightening market for quality drilling units in the North Atlantic area.
“We are very pleased to further enhance our relationship with Shell as a key client and increase the earnings visibility for our company.”
Seadrill has a 77 percent ownership interest in North Atlantic Drilling Ltd.
Headquartered in Hamilton, SeaDrill Limited is active in the oil and gas industry.
The 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.
