Shares of Seadrill (SDRL) 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)

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.

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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