Seadrill Secures $1.1 Billion Contracts with Petrobras

Offshore drilling contractor Seadrill Limited (NYSE & OSE: SDRL) has been awarded fixed-term contracts by Petrobras for its drillships, West Auriga and West Polaris. The contracts, which were obtained through a competitive bidding process, have a duration of 1,064 days and are expected to commence in the fourth quarter of 2024.

The total contract value for both rigs is estimated to be approximately $1.1 billion, which includes additional services and mobilization fees. Prior to the start of the campaigns with Petrobras, the West Auriga and West Polaris will transition to Seadrill from their existing third-party managers.

“We are pleased to have secured long-term contracts for the West Auriga and West Polaris, adding to our existing fleet of high-specification drillships operating in Brazil,” said Seadrill’s President & CEO, Simon Johnson. “Petrobras is an important and longstanding customer for Seadrill, and we are excited to expand our contractual relationship with them and increase our rig count in this key geography.”

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