Seadrill secures new jack-up contracts in Trinidad and Vietnam

Seadrill has been awarded two new contracts by BHP Billiton Petroleum for Offshore Vigilant in Trinidad and Offshore Resolute in Vietnam.

The three well drilling assignment for Offshore Vigilant is expected to take 150 days, and the contract value is approximately US$20 million. The two well assignment for Offshore Resolute is expected to take 90 days, and the contract value is approximately $11 million.

Commencement of operations under the new contract for Offshore Vigilant is scheduled for the third quarter 2011, in direct continuation of existing contract and mid May 2011 for Offshore Resolute. The contract for Offshore Vigilant includes options for an additional four wells with anticipated duration of 200 days.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, says, “This is Seadrill’s first assignment for BHP. We consider this as an excellent opportunity to develop a strong relationship with BHP, one of the world’s largest natural resource companies. Representing a total contract value of S$31 million, the two assignments improve the earnings visibility for our jack- ups in 2011 at market rates.” – Reuters

Tags: Seadrill

Posted by VBN on Mar 31 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry