Seadrill Wins Three New Contracts
Bermuda’s Seadrill has secured new contracts for the three jack-up rigs “Offshore Mischief”, “Offshore Defender” and “West Leda”.
The Hamilton company said aggregated revenue potential is estimated at $311 million inclusive of mobilisation fees and assignment specific rig modifications.
“Offshore Mischief” has been awarded contract by Equion Energia Limited in Colombia. The assignment is for a firm period of 180 days with commencement of operations scheduled for late first quarter 2012 in direct continuation of the rig’s existing contract. The estimated revenue potential is $33.2 million for the firm 180-day period inclusive of $1.7 million in mobilisation and demobilisation fees.
“West Leda” has been, in association with our local partner IPS, awarded a contract by ExxonMobil E&P Malaysia Inc. for development drilling offshore Malaysia. The assignment is for a firm eighteen-month period. The contract is expected to commence late March 2012 in direct continuation from its current contract. The estimated revenue potential is approximately $75.5 million inclusive of a $1.8 million mobilisation fee.
“Offshore Defender” has been awarded a contract by Brunei Shell Petroleum Company Sdn Bhd for drilling offshore Negara Brunei Darussalam. The four-year contract is expected to commence in the second quarter of 2012. The estimated revenue potential is approximately $202.5 million inclusive of $9.0 million in mobilization fees and assignment specific rig modifications. The rig is currently operating in Brazil.
Alf C. Thorkildsen, Chief Executive Officer in Seadrill Management AS, says, “We are very pleased with the expansion of our working relationships with two of our long standing customers Brunei Shell Petroleum and ExxonMobil. We are also excited to have the opportunity to expand our activities in the Americas to include Colombia through our new customer Equion Energia. The new contracts reflect the oil and gas industry’s strong preference for modern equipment and provide for high utilisation and improved earnings visibility for our jack-up rig fleet.”
Seadrill is a Norwegian-Bermudian offshore drilling company with operations in Angola, Brunei, the Republic of Congo, Indonesia, Malaysia, Nigeria, Norway, Thailand and the United Kingdom. The company operates semi-submersibles, jack ups, tender rigs, semi-tenders and drillships.
The company is domiciled in Bermuda and is listed on Oslo Stock Exchange and the New York Stock Exchange. Operational headquarter is situated in Stavanger, Norway. Other major company locations are found in Singapore, Houston and Aberdeen. Shipping tycoon John Fredriksen — who operates the Bermuda-based tanker company Frontline — has a major ownership in the company.
