Reference is made to the Letter of Intent disclosed to the Oslo Stock Exchange September 7, 2006 regarding the assignment awarded the deepwater semi-submersible drilling rig West Sirius. Seadrill today confirms that the operator Devon Energy Corporation has signed the long-term contract to utilize the West Sirius in the Gulf of Mexico.
The contract includes a four year assignment with the option for the operator to extend the contract to five or six years. Estimated contract value for the four year period is approximately $ 690m.
West Sirius is currently under construction at the Jurong Shipyard in Singapore and is scheduled for delivery in the second quarter 2008