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Seadrill Orders Contract for Jack-Up Newbuild

Source: www.gulfoilandgas.com 3/21/2011, Location: Europe

Seadrill has entered into an agreement for the construction of a new jack-up drilling rig with Jurong shipyard in Singapore. The rig is scheduled to be completed at the end of the third quarter 2013 and total project price is estimated at US$530 million, which includes project management, drilling and handling tools, spares and capitalized interest.

The new jack-up drilling rig has been contracted to ConocoPhillips for a five-year period on the Norwegian Continental Shelf. Estimated contract value is approximately US$680 million (including mobilization) and contract commencement is scheduled for the fourth quarter of 2013. The contract is subject to Norwegian Government approval of the Plan for Development and Operations for Ekofisk South and Eldfisk II.

The new rig will be based on the similar design and specification as Seadrill's West Elara, the Gusto MSC CJ70 150A design. The jack-up is an advanced, ultra large, harsh environment, high specification drilling unit, specifically built to Norwegian requirements and matching the specification of the largest jack-up drilling units in the world. The unit provides means to operate in water depth up to 150 meters with a higher variable deck load and a higher operating efficiency compared to previous jack-up generations, while the size of the unit allows for additional opportunities within areas like well testing and early production.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, "This is Seadrill's first assignment for ConocoPhillips on the Norwegian Continental Shelf, strengthening the industrial cooperation between the two companies. We are pleased to introduce yet another new and advanced jack-up drilling unit into the region, contributing to extending the life cycle of the Ekofisk field. This newbuild is an important addition to our fleet of harsh environment drilling units which will increase earnings and employment visibility of our operations in this region."

Seadrill has committed to offer the drilling contract and the construction contract at original terms to North Atlantic Drilling Ltd, which is a 75 percent owned subsidiary of Seadrill.

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