Shares of Seadrill (SDRL - Get Report) were down by 5.04% to 78 cents in early trading on Wednesday morning, one day after the stock jumped more than 12% following a deal between one of its subsidiaries and ConocoPhillips. (COP - Get Report)

The offshore drilling contract provider said its North Atlantic Drilling unit had secured a new 10 year contract, with awards for the jack-ups West Elara and West Linus with ConocoPhillips Skandinavia AS 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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