Seadrill Appoint Per Wulff New CEO
Per Wullf will succeed Fredrik Halvorsen (leaving to join technology venture Ubon Partners) as Chief Executive Officer of Seadrill Management Limited. Wullf has worked for Seadrill since February 2009 as Executive Vice President and Chief Operating Officer. Prior to Seadrill, he held several senior positions in Maersk, most recently as Managing Director of Maersk Contractors in Norway. He has 33 years of experience in the drilling industry, including 17 years in international and offshore operations. John Fredriksen, Chairman of the Board of Directors said, "The Board would like to express its thanks to Fredrik Halvorsen for his contribution to the Fredriksen group of companies since he joined us in 2010.
China Yard Gets Seadrill Jack-up Rig Orders
Seadrill Limited contracts with Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore) in China for the construction of two high specification jack-up drilling rigs. The newbuild rigs are scheduled for delivery during the fourth quarter of 2015 and the first quarter of 2016, and the total project price per rig is approximately US$230 million (including project management, capitalized interest, drilling and handling tools, spares and operation preparations), with tail-heavy payment terms.
Deepwater Drillship Chartered Before Delivery
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$662 million. The West Neptune is expected to be delivered to Seadrill from the Samsung Heavy Industries shipyard in Geoje, South Korea, in early June 2014.
Seadrill Buys Ultra-Deepwater Rig 'Songa Eclipse'
A subsidiary of Seadrill to buy the ultra-deepwater semi-submersible rig 'Songa Eclipse' for a price of US$ 590-million. The rig was delivered from the Jurong Shipyard in Singapore in 2011, and is currently operating for Total offshore Angola on a fixed contract ending in December 2013. In addition 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 will have an immediate impact on Seadrill's cash flow and financial results.
