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Seadrill secures letter of intent

Seadrill secures letter of intent
Seadrill has received a letter of intent from Statoil for the semi-submersible drilling rig West Venture on the Norwegian Continental Shelf.

Seadrill secures letter of intent

Seadrill has received a letter of intent from Statoil for the semi-submersible drilling rig West Venture on the Norwegian Continental Shelf.

The letter of intent represents a five-year contract with an estimated contract value of approximately US$756 million (which partly is paid in Norwegian kroner and US dollar).

Start-up is scheduled for August 1, 2010, one year ahead of expiry of the present assignment. The new contract will keep the unit employed until August 2015. Statoil has on the same terms and conditions the option to extend the assignment to 6 or 7 years until January 2011.

West Venture has for the last 10 years been operating for Statoil on the Troll field in The North Sea. West Venture is a 5th generation DP3 semi submersible equipped with full dual capacities enabling enhanced drilling performance.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, "We are pleased to secure this assignment for the semi-submersible West Venture, and together with the four-year letter of intent for the jack-up rig West Epsilon awarded by Statoil a fortnight ago, they represent an estimated contract value of approximately US$1.150 million. The two assignments meet our preferences for long-term contracts and long-term client relationships".

www.turkishmaritime.com.tr

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