Seadrill secures West Tellus for deepwater offshore drilling

Source:Seadrill

Seadrill secures West Tellus for deepwater offshore drillingSeadrill Limited ("Seadrill") has signed a contract with Chevron China Energy Company for the newbuild ultra-deepwater drillship West Tellus in support of Chevron's affiliated global exploration program. The contract commences in China immediately upon shipyard delivery and thereafter relocates to Liberia. The agreement is for a period of 180 days with revenue potential of approximately US$150 million inclusive of bonus potential and mobilization.

Additionally, Seadrill is currently engaged in advanced discussions with a major oil company for a multi-year contract commencing in direct continuation of the Chevron contract.

The West Tellus is a 6th generation drillship currently under construction for Seadrill at Samsung Heavy Industries shipyard in Geoje, South Korea, with expected delivery in September 2013. The rig will be outfitted to work in up to 10,000' of water and is capable of water depths up to 12,000' and drilling depths up to 37,000'.

Per Wullf, CEO and President of Seadrill Management Ltd. says in a comment, "The multi jurisdiction contract for West Tellus demonstrates our willingness and ability to contract opportunistically and strategically when it is justified. The initial contract on West Tellus allows us to expand a long standing relationship with a key customer in the ultra-deepwater segment while also providing Seadrill the opportunity to place the West Tellus in West Africa, ready for a follow on contract."

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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