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Seadrill Wins Long-Term Contracts for 2 Jackup Rigs

Source: www.gulfoilandgas.com 8/9/2011, Location: Middle East

Seadrill has been awarded two new contracts by KJO (AL-Khafji Joint Operations) in the joint development zone between the Kingdom of Saudi Arabia and Kuwait for the jack-up rigs West Triton and Offshore Resolute. The assignments which will commence in direct continuation of their current contracts in Southeast Asia are each for a firm period of 3 years plus the time required to mobilize to the Arabian Gulf. Each contract also includes an option for KJO to extend the term for a further 1 year.

Alf C. Thorkildsen, Chief Executive Officer in Seadrill Management AS says, "These new contracts will strengthen the relationship with KJO, one of the key customers in the Arabian Gulf. In addition, relocating two rigs for term work and at attractive market rates serves our strategic desire to increase our long term presence in this active oil and gas region."

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