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Seadrill’s 4Q starts with rig deals in U.S. and Malaysia

west-carina-664x709

 

Offshore drilling company Seadrill has scored one new rig contract and one extension since the start of the fourth quarter of 2018.

In a quarterly report on Tuesday, Seadrill said Petronas recently awarded the West Carina drillship a two-well contract in Malaysia starting in December 2018 for two wells, adding approximately $29 million in backlog. The contract is expected to end in May 2019.

 

The West Carina, built in 2014, is the 6th generation ultra-deepwater drillship with operational history offshore Brazil.

The rig had been on a long-term run with Petrobras in Brazil on a contract which ended mid-2018. According to VesselsValue, the rig is currently in the Indan Ocean, mobilizing to Malaysia.

Furthermore, Seadrill said it had recently secured an extension with Walter Oil & Gas for its Sevan Louisiana cylindrical semi-submersible rig in the US Gulf of Mexico.

The contract is for two wells, adding approximately $7 million in backlog. Seadrill’s fleet status report, released separately, shows the Sevan Louisiana rig starting in November, and ending in May 2019.

 

Six rigs scored work in the third quarter
During the third quarter, Seadrill signed $260 in new drilling contracts and extensions combined, securing work for six offshore drilling rig.

Below is the breakdown of the third quarter rig deals, as shared by Seadrill.

Equinor exercised the first two of seven options for the West Saturn in Brazil, employing the unit until Q3 2019 and adding approximately
$85 million to backlog.

 

• The West Hercules was awarded a contract with Equinor in Norway starting in Q3 2019 for two firm wells plus nine options, three
of which have been exercised. Total backlog, including exercised options, is approximately $53 million.

• Ophir exercised the two remaining options of their 2018 campaign on the West Cressida keeping the unit employed until October 2018.
For the 2019 campaign, Ophir exercised the first option for 10 wells which is expected to start in July 2019. Total backlog for
the options exercised is approximately $12 million.

 

• The West Tucana was awarded a contract with GDI in Qatar which started in Q3 2018 for two firm wells plus three options, adding
backlog of approximately $24 million for the firm term.

• The West Neptune was awarded a 12-month extension with LLOG in the GOM adding approximately $57 million in backlog. The unit
is expected to be employed until December 2019.

• ENI exercised options for three-wells for the West Gemini in Angola adding approximately $29 million in backlog. The unit expected
to be employed until Q2 2019

In its 3Q report on Tuesday, Seadrill said it had had seven floaters working for the full quarter at an average dayrate of $241k per day and two floaters completing contracts during the quarter. The company said it expected an increase in dayrates in 2019/20.


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