Seadrill Limited

April 12, 2011 10:56 ET

SDRL - Seadrill Secures a New Contract in Malaysia and Orders New Tender Rig

HAMILTON, BERMUDA--(Marketwire - Apr 12, 2011) -

Seadrill has been awarded an 18 month contract by Murphy Sabah Oil Co Ltd for the semi tender rig West Menang to operate on the Kikeh Spar deepwater field in Malaysia. Estimated contract value is approximately US$100 million (including mobilization and modification of approximately US$14 million), and the commencement is scheduled for later this quarter.

Seadrill has also exercised an option to build a new tender barge at the COSCO Nantong Shipyard in China. The new unit, T17, is scheduled for delivery in the first quarter 2013. Total project price is estimated at US$115 million, which includes project management, drilling and handling tools, spares and capitalized interest.

T17 is similar to the two tender rigs Seadrill ordered from COSCO on February 28 this year, with enhanced drilling capabilities allowing for higher drilling efficiency including the advantage of a light weight drilling equipment set.

Alf C Thorkildsen, CEO in Seadrill Management AS, says in a comment, " Based on the market outlook, also reflected in the West Menang contract, we are confident in strengthening our tender rig fleet further and that the new unit T17 will be another valuable investment going forward."

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

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Seadrill Limited via Thomson Reuters ONE


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