Shares of Seadrill (SDRL - Get Report) were gaining by 12.46% to 91 cents in pre-market trading on Tuesday morning, after the offshore drilling contract provider said its subsidiary, North Atlantic Drilling, has secured a new 10 year contract.

The contract awards are for the jack-ups West Elara and West Linus with ConocoPhillips Skandinavia AS (COP - Get Report) for work in the Greater Ekofisk area. The total additional backlog for the new contract awards is estimated to be about $1.4 billion, excluding performance bonuses.

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