Seadrill Limited
OSLO : SDRL

May 18, 2011 02:31 ET

SDRL - North Atlantic Drilling secures contract for West Alpha

HAMILTON, BERMUDA--(Marketwire - May 18, 2011) - North Atlantic Drilling Ltd., in which Seadrill has a 75 percent ownership, has received a letter of award for the semi-submersible drilling rig West Alpha for operations on the Norwegian Continental Shelf.

The letter of award covers a two-well commitment in the Balder field, with an estimated firm contract period of 210 days and an estimated value of US$100 million. Commencement of the assignment is scheduled for the third quarter 2012, in direct continuation of the present contract. The contract has provisions at the operators sole discretion for extension of up to four additional wells.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS and Chairman of North Atlantic Drilling Ltd. says, "We are pleased to report a new contract for the drilling unit West Alpha. The contract demonstrates the continued strong demand for quality drilling units in the North Atlantic - Norway area and further enhances the value of North Atlantic Drilling. "

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: Seadrill Limited via Thomson Reuters ONE

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Contact Information

  • Analyst contact
    Jim Datland
    VP Investor Relations
    Seadrill Management AS
    +47 51 30 99 19

    Media contact
    Esa Ikaheimonen
    Chief Financial Officer
    Seadrill Management AS
    +47 51 30 99 19