HAMILTON, BERMUDA--(Marketwire - Nov 16, 2012) - A subsidiary of Seadrill has entered into
an agreement with Songa Offshore to acquire the ultra-deepwater semi-
rig Songa Eclipse for a consideration of US$590 million. The rig was
from the Jurong Shipyard in Singapore in 2011, and is currently operating
Total offshore Angola on a fixed contract ending in December 2013. In
Total has three one-year options to further extend the contract. Seadrill
intends to take delivery of the rig during December 2012 after which it
have an immediate impact on Seadrill's cash flow and financial results.
Fredrik Halvorsen, Chief Executive Officer of Seadrill Management AS says,
investment is in line with our strategy of building a modern fleet through
selective acquisitions and organic growth. The ultra-deepwater market is in
strong cycle, something we expect to prevail over the coming years and the
acquisition increases our exposure to this segment. Furthermore, we are
to strengthen our relationship with Total in Angola, and increase our
in the region, which adds scale to our operations and could further reduce
relative cost base in the region."
Songa Eclipse is of the same design, Friede & Goldman ExD millenium, as
Seadrill's existing rigs in operation, West Sirius, West Taurus, West Orion
West Capricorn. The rig is dynamically positioned (DP 2 class
equipped with Aker Solutions drilling equipment and have water depth
up to 10,000ft and drilling depth capacity of up to 37,500ft. The subsea
control system includes a six-ram 15K psi BOP stack.
This information is subject of the disclosure requirements pursuant to
5-12 of the Norwegian Securities Trading Act.
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Source: Seadrill Limited via Thomson Reuters ONE