Seadrill Ship Contracted By Bluewater Holdings
Bermuda-based Seadrill has signed a contract with LLOG Bluewater Holdings, LLC, for employment of the new-build drill-ship, “West Neptune”, offshore in the Gulf of Mexico.
The contract duration is a minimum of three years plus an option for a one-year extension at mutually agreed rates.
The potential revenue for the primary contract term is approximately $662 million. The “West Neptune” is expected to be delivered to Seadrill from the Samsung Heavy Industries shipyard in Geoje, South Korea, in early June 2014.
The rig will be outfitted to work in up to 10,000 feet of water and is capable of water depths up to 12,000 feet and drilling depths up to 37,000 feet.
Fredrik Halvorsen, CEO and President of Seadrill Management Ltd. said in a comment, “We are delighted to have signed our first contract with LLOG, a leading independent operator in the Gulf of Mexico. This award complements our expanding deepwater operations in the area with Seadrill’s fleet growing to six ultra-deepwater units within the US and Mexican Gulf of Mexico over the next 18 months. In addition, this contract brings Seadrill’s order backlog to $20.9 billion.
“We continue to experience strong demand for premium ultra-deepwater rigs and expect to further increase our backlog and earnings visibility in the next months as our additional ultra-deepwater units under construction secure term contracts.
Seadrill is a Norwegian-Bermudan offshore drilling company with operations in North America, 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 headquarters are situated in Stavanger, Norway
