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Seadrill abandons hope on Petrobras semi-sub deal

13th February 2015

Seadrill Limited has given up on a deal taht would have seen Petrobras use of its ultra-deepwater semi-submersibles the West Taurus and West Eminence

Seadrill Limited has given up on a deal with Petrobras for the use of its ultra-deepwater semi-submersibles the West Taurus and West Eminence will conclude
Seadrill will remove USD 1.1bn from the backlog reported in its third quarter earnings release

Due to recent developments within Petrobras, the company no longer believes the contracts will be concluded in the timeframe or on the previously approved commercial terms.

Consequently, Seadrill will remove USD 1.1bn from the backlog reported in its third quarter earnings release.

Seadrill continues to work with Petrobras and its partners to find a mutually agreeable commercial solution.

At the time of the third quarter earnings release Seadrill also announced approval for contract awards on the Libra Field for the ultra-deepwater drillships the West Tellus and West Carina.

The final contracts have been signed and commencement of operations is expected to begin in the second quarter of 2015.

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