HAMILTON, BERMUDA--(Marketwire - Jan 17, 2013) - Tullow plc has exercised its contractual
option to extend the contract for the ultra-deepwater semi-submersible rig
Leo by two years from May 2016 to May 2018. The West Leo is expected to
out operations in West Africa until the end of its contract in May 2018.
The potential contract revenue for the extension is estimated to
approximately US$450 million based on 97 percent utilization and includes a
performance bonus arrangement. This brings the total estimated contract
In line with the omnibus agreement terms and conditions between Seadrill
Seadrill Partners, Seadrill is obligated to offer the West Leo to Seadrill
Partners at a fair market price.
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