Petrobras, Seadrill amend drilling rig contract terms

Offshore staff

HAMILTON, Bermuda -- Seadrill Ltd. has announced that Petrobras approval had been received for the extensions of the ultra-deepwater semisubmersibles the West Taurus and West Eminence.

Due to recent developments within Petrobras, the company no longer believes the contracts will be concluded in the timeframe or on the previously approved commercial terms. Consequently, Seadrill will remove $1.1 billion from the backlog reported in its 3Q earnings release. Seadrill continues to work with Petrobras and its partners to find a mutually agreeable commercial solution.

At the time of the 3Q earnings release, Seadrill also announced approval for contract awards on the Libra field for the ultra-deepwater drillships the West Tellus and West Carina.  The final contracts have been signed and commencement of operations is expected to begin in 2Q 2015.

02/16/2015

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