Seadrill Secures Drillship Extension

Published at 12:19PM - 23/03/16

Seadrill secures drillship extension for its ultra deepwater West Tellus driller with Brazilian state run Petrobras.

The contract is set to start in April 2018, extending the current backlog by an additional 18 months to October 2019.

Seadrill Secures Drillship Extension

As part of the agreement Seadrill have agreed to drop the drillships current day rate of US$467,000, backdated to 26th February 2016, although the new rate has not been published.

Seadrill have said that the new day rate reduces the value of the existing contract by US$132 million but will increase the backlog by US$32 million once the extension has been taken into account.

West Tellus Drillship

The West Tellus is an ultra deepwater drillship, delivered in 2013 by Samsung Heavy Industries (SHI) Geoje (Koje) Shipyard, South Korea.

West Tellus has the design capability to operate in a maximum water depth of 12,000 feet (3,658m) and drill to a maximum depth of 40,000 feet (12,192m).