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SDRL - Seadrill Secures Contracts For Multiple Jack-up Units

Stocks in this article: SDRL

Hamilton, Bermuda, April 2, 2014 (GLOBE NEWSWIRE) -- Seadrill Limited ("Seadrill") has secured new contracts for the jack-up units West Tucana, West Telesto, West Ariel, and West Prospero. Additionally, the contract for the West Mischief has been extended by four months.  The total revenue potential for the four new contracts and one extension is approximately US$319 million.

The West Tucana, a Friede & Goldman JU-2000E jack-up rig, has secured a contract offshore Angola with Cabinda Gulf Oil Company Limited (CABGOC) - Chevron's wholly owned operating unit in Angola.  The contract is for a firm period of 24 months. The total revenue potential for the primary contract term is approximately US$168 million inclusive of an estimated US$8.5 million of mobilization.  The West Tucana is currently operating in Vietnam and will likely be available to commence its charter in late November 2014.

The West Telesto, a Friede & Goldman JU-2000E jack-up rig, has secured a contract offshore Australia with Origin Energy Limited.  The contract is for a firm period of two wells, expected to be 51 days each, plus two option wells. The total revenue potential for the primary contract term is approximately US$31 million inclusive of mobilization.  The West Telesto is currently operating in Vietnam and will likely be available to commence its charter in the fourth quarter of 2014.

The West Ariel, a Keppel FELS 'B' Class jack-up rig, has secured a contract offshore Congo with ENI Congo SA.  The contract is for a firm period of 12 months plus an option of 12 months. The total revenue potential for the primary contract term is approximately US$89 million inclusive of an estimated US$8.5 million of mobilization.  The West Ariel is currently operating in Vietnam and will likely be available to commence its charter in late April or early May 2014.

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