Deepwater Drillship Chartered Before Delivery

Press Release
Wednesday, April 17, 2013
A Seadrill Drillship: Photo credit Seadrill

Seadrill contracts with LLOG Bluewater Holdings, LLC, for employment of the new-build drill-ship, 'West Neptune', offshore Gulf of Mexico. 

The contract duration is a minimum of three years plus an option for a one-year extension at mutually agreed rates. The potential revenue for the primary contract term is approximately US$662 million. 

The West Neptune is expected to be delivered to Seadrill from the Samsung Heavy Industries shipyard in Geoje, South Korea, in early June 2014.  The rig will be outfitted to work in up to 10,000 ft of water and is capable of water depths up to 12,000 ft and drilling depths up to 37,000 ft. 


Fredrik Halvorsen, CEO and President of Seadrill Management Ltd. commented, "We are delighted to have signed our first contract with LLOG, a leading independent operator in the Gulf of Mexico. This award complements our expanding deepwater operations in the area with Seadrill's fleet growing to six ultra-deepwater units within the US and Mexican Gulf of Mexico over the next 18 months. In addition, this contract brings Seadrill's order backlog to US$20.9 billion. We continue to experience strong demand for premium ultra-deepwater rigs and expect to further increase our backlog and earnings visibility in the next months as our additional ultra-deepwater units under construction secure term contracts.
"

Scott Gutterman, President and CEO of LLOG, added: "The West Neptune will be the first dual BOP rig in the Gulf of Mexico for LLOG.  LLOG will initially utilize the rig to perform completions of our Delta House wells.  Having two BOP's will allow LLOG to complete our wells efficiently saving up to 12 days per completion.  Execution of this contract is another key step in accelerating the drilling and development of our extensive portfolio of exploration prospects in the Gulf of Mexico. Seadrill is an outstanding company and we are looking forward to the business relationship."



Seadrill adds that this information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Canadian Icebreaker Refit Contracts Awarded

The Canadian Government informs it has awarded a $6.5 million contract to Babcock Canada Inc. for critical refit work for Canadian Coast Guard ship 'CCGS Louis S.

Atkins Gain Maersk Oil Engineering Contract

Design, engineering and project management consultancy Atkins, says it has been awarded an engineering support contract covering three of Maersk Oil’s UK assets in the North Sea.

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

Offshore

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

Offshore Oil & Gas: Brazil’s Northern Frontier

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon

Safety the Focus as Heavy Lifting Picks Up

Modern heavy lift capabilities are crucial for safe, efficient operations offshore Heavy lift operations offshore are an awe-inspiring feat, but an operation that

Offshore Energy

Atkins Gain Maersk Oil Engineering Contract

Design, engineering and project management consultancy Atkins, says it has been awarded an engineering support contract covering three of Maersk Oil’s UK assets in the North Sea.

Offshore Oil & Gas: Brazil’s Northern Frontier

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon

C-MAR's Modern Approach to DP Training in Brazil

The modern offshore maritime industry heavily relies on different classes of DP vessels, from OSVs to Drillships and Tankers, almost all vessels serving the oil

Underwater Engineering

STEM: SeaPerch Underwater Robotic Championships

University of Southern Mississippi Site for Fourth National SeaPerch Challenge – Underwater Robotic Championships Excitement continues to build for the Fourth Annual National SeaPerch Challenge,

McDermott Elect G.P. Luquette Board Chairman

Provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide, McDermott International, say that Gary P.

Ultra-deepwater Drillship 'Maersk Valiant' Delivered

Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1731 sec (6 req/sec)