Seadrill: New Five-Year Contract for West Polaris Drillship Pending

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June 4, 2012

Seadrill said Monday that it is in advanced discussions regarding a new five-year contract for its ultra-deepwater drillship, West Polaris.  The company says the new contract will start in direct continuation of the existing assignment which is scheduled to be completed in October 2012.

The ultra-deepwater drillship was delivered to Seadrill in 2008 by Korea’s Samsung Heavy Industries.  Upon delivery, the West Polaris entered into a four-year contract with ExxonMobil for worldwide exploration activities and has been in mobilized offshore Nigeria since November 2011.

The potential contract revenue for the new five-year period is approximately US$1.16 billion and a final agreement is expected within July 2012, Seadrill says.

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