Seadrill Limited

September 09, 2011 07:04 ET

SDRL - Four-year contract secured for ultra-deepwater semi West Hercules

HAMILTON, BERMUDA--(Marketwire - Sep 9, 2011) - A four-year contract has been secured for the ultra-deepwater rig West Hercules for operations for harsh environment for the international energy company Statoil. The potential contract revenue value is US$787 million, including US$50 in mobilization fee. Statoil has in addition, the right to extend the contract for an additional one-year period.

Commencement of the assignment is scheduled for third quarter 2012, following completion of its current contract in South China Sea and mobilization period. The rig will be operated by North Atlantic Drilling Ltd., Seadrill's 75 percent owned subsidiary.

West Hercules is a sixth generation, dynamically positioned, high- specification, state of the art semi-submersible drilling unit. The unit has been working in the South China Sea since delivery from the yard in November 2008.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS "We are pleased to secure a long-term contract for one of our most advanced ultra- deepwater rigs. This assignment reflects the growth in demand for premium rigs and allows West Hercules to utilize its deepwater and harsh environment capabilities. We are delighted to extend our relationship with Statoil, as a key client and as one of our longest standing business partners."

This information is subject of the disclosure requirements acc. to §5- 12 vphl (Norwegian Securities Trading Act)

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Source: Seadrill Limited via Thomson Reuters ONE


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