Seadrill has agreed a new three-year contract with a subsidiary of Chevron (NYSE: CVX) offshore Thailand for the tender rig T12 with a two- year option period. Estimated contract value is approximately US$132 million, and commencement of the assignment is scheduled for the second quarter this year, in direct continuation of the rig's existing contractual obligations.
Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, "We are pleased to secure a new contract for one of our tender rigs in the South East Asia region. This contract demonstrates the attractiveness of our tender rig concept as T12 will be the fifth unit presently operating for Chevron. The tender rig concept uniquely combines flexibility and efficiency that allows us to better serve our clients."
Last week, Transocean (NYSE: RIG) (SIX: RIGN) revealed that Chevron had hired two of its newbuild high-spec jackups for firm five-year contracts offshore Thailand.