Seadrill secures commitment for newbuild ultra-deepwater drillship

Posted on 19 July 2013

Seadrill has signed a contract with Chevron China Energy Company for the newbuild, ultra-deepwater drillship West Tellus. The contract commences in China immediately upon shipyard delivery. Thereafter it will relocate 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.

The West Tellus is a sixth-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 ft of water and is capable of water depths up to 12,000 ft and drilling depths up to 37,000 ft.

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 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,” Per Wullf, CEO and president of Seadrill, said.

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