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Seadrill quickly filling contracts for 2014 and 2015 use of its rigs and equipment

04th April 2014

Seadrill has secured new contracts for the jack-up units West Tucana, West Telesto, West Ariel, and West Prospero. Additionally, the contract for the West Mischief has been extended by four months. The total revenue potential for the four new contracts and one extension is approximately USD 319m.

Seadrill Jack-up rig contracts africa angola congo cabinda vietnam
Seadrill jack-up rigs are being sent all over the world to support exploration and production projects

The West Tucana, a Friede & Goldman JU-2000E jack-up rig, has secured a contract offshore Angola with Cabinda Gulf Oil Company Limited (CABGOC) - Chevron's wholly owned operating unit in Angola.  The contract is for a firm period of 24 months. The total revenue potential for the primary contract term is approximately USD 168m inclusive of an estimated USD 8.5m of mobilization.  The West Tucana is currently operating in Vietnam and will likely be available to commence its charter in late November 2014.

The West Ariel, a Keppel FELS 'B' Class jack-up rig, has secured a contract offshore Congo with ENI Congo SA.  The contract is for a firm period of 12 months plus an option of 12 months. The total revenue potential for the primary contract term is approximately USD 89m inclusive of an estimated USD 8.5m of mobilization.  The West Ariel is currently operating in Vietnam and will likely be available to commence its charter in late April or early May 2014.

In addition Eni Congo has extended the charter of the LeTourneau Super 116-E jack-up rig West Mischief for four months at an increased day rate. This extension not only represents an additional USD 24m to the total value of the contract but also demonstrates the strong working relationship between the two companies.

The West Prospero, a Keppel FELS 'B' Class jack-up rig, has secured a contract offshore Vietnam with JVPC.  The contract is for a firm period of one well, expected to be 40 days. The total revenue potential for the primary contract term is approximately USD 6.5m.  The West Prospero is currently operating in Vietnam and will likely be available to commence its charter this month following the completion of its current contract.

And another Friede & Goldman JU-2000E jack-up rig, the West Ariel, has secured a contract offshore Australia with Origin Energy Limited

Following these fixtures, Seadrill has 92 per cent of its jack-up capacity contracted for 2014 and 64 per cent for 2015.  The total order backlog for the jack-up fleet is USD 4.4bn and average remaining contract duration is 2.6 years.

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