west jupiter drillship seadrill

ExxonMobil Snatches up Seadrill Newbuild

Rob Almeida
Total Views: 2
August 8, 2014

West Saturn, a sister-vessel to the West Jupiter built at Samsung Heavy Industries, (c) Seadrill

Seadrill breathed a sign of relief today as another one of their drilling rigs under construction at Samsung Heavy gained a charter contract.

As gCaptain sources hinted in July, the West Saturn, a 6th generation drillship with an expected delivery this September was awarded a 2-year contract with Esso Exploration and Production Nigeria Limited, an ExxonMobil subsidiary, in conjunction with indigenous partner Field Offshore Design Engineering Nigeria.

The rig will support development at the ERHA North Phase 2 project in Nigeria.

The contract includes a one year option and has a total revenue potential for Seadrill and Field Offshore Design Engineering Nigeria Limited for the primary contract term of approximately US$497 million, inclusive of mobilization.

Seadrill notes this is their sixth rig to commence operation in the last 12 months.

Per Wullf, Seadrill CEO commented, “We are very pleased to be chosen by ExxonMobil, its partners, and Field Offshore Design Engineering Nigeria Limited for this important project.  The West Saturn is Seadrill’s third rig in Nigeria, working alongside the West Jupiter and West Capella.  The expansion of our presence in Nigeria is a result of our best in class operating standards, employees, and assets.  We are proud to expand our business with these key customers and look forward to continued successful working relationships.”

Seadrill’s West Carina is also expected to be delivered this year, but does not yet have a contract.

Seadrill shares are up 1.65% to $36.31 on today’s news.

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