Seadrill’s West Hercules is put to work by Norwegian energy giant Statoil

HAMILTON – Seadrill (NYSE: SDRL) announced today that they had secured a four-year contract for their ultra-deepwater semi-submersible drilling rig West Hercules. This rig will be conducting operations for Norwegian energy giant Statoil at a potential contract revenue value of US$787 million, including US$50 million in mobilization fee.  Additionally, Statoil has the right to extend the contract for an additional one-year period.

Commencement of the assignment is scheduled for third quarter 2012, following completion of its current contract in South China Sea and mobilization period. The rig will be operated by North Atlantic Drilling Ltd., Seadrill’s 75 percent owned subsidiary.

West Hercules is a sixth generation, dynamically positioned, high-specification, state of the art semi-submersible drilling unit. The unit has been working in the South China Sea since delivery from the yard in November 2008.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS

“We are pleased to secure a long-term contract for one of our most advanced ultra-deepwater rigs. This assignment reflects the growth in demand for premium rigs and allows West Hercules to utilize its deepwater and harsh environment capabilities. We are delighted to extend our relationship with Statoil, as a key client and as one of our longest standing business partners.”

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