Seadrill Secures Saudi Arabian Contract
Bermuda-based Seadrill today [Mar.12] signed a contract with Saudi Aramco for employment of the jack-up rig “West Callisto” offshore Saudi Arabia.
The contract duration is a minimum of three years plus an option for a one year extension.
The potential revenue for the three year period is approximately $164 million plus a $20 million mobilization fee to cover various upgrades, dry tow vessel expenses and dayrate in the mobilization period.
The “West Callisto” is currently operating in Southeast Asia and is scheduled to finalize its existing work scope in August, 2012. The unit will subsequently commence its transit to the Middle East and is scheduled to start operations for Saudi Aramco in September, 2012.
Alf C. Thorkildsen, CEO in Seadrill Management AS, says in a comment, “We are delighted to have signed our first contract with Saudi Aramco for operation in Saudi Arabia.
“This award complements our growing jack-up operations in the region which will increase from two to five units this year. We continue to see a strong demand for premium jack-up rigs and expect to improve our earnings visibility for this asset class going forward.”
SeaDrill Limited is a Bermuda company 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.
The company’s customers are national, international and independent oil companies.
