Seadrill secures contract for ultra-deepwater drillship in Nigeria

Seadrill Ltd, in cooperation with Field Offshore Design Engineering Nigeria Ltd, has secured a contract with Esso Exploration and Production Nigeria Ltd, an ExxonMobil subsidiary, for the newbuild West Saturn, in support of the ERHA North Phase 2 project in Nigeria.

The contract is for a firm period of two years plus a one-year option and has total revenue potential of approximately $497 million, inclusive of mobilization, for Seadrill and Field Offshore for the primary contract term.

The West Saturn is a sixth-generation, ultra-deepwater drillship, currently under construction at Samsung Heavy Industries in Geoje, South Korea, with expected delivery in September 2014 and marks the sixth Seadrill unit to commence operation in the last 12 months. The unit will initially be outfitted to work in up to 10,000 ft of water and is capable of handling two BOPs, operating in up to 12,000 ft of water and drilling depths up to 40,000 ft.

“The West Saturn is Seadrill’s third rig in Nigeria, working alongside the West Jupiter and West Capella,” Per Wullf, Seadrill CEO commented. “The expansion of our presence in Nigeria is a result of our best in class operating standards, employees and assets.”