Seadrill, Sonangol joint venture nets 10-well contract in Angola
Seadrill announced a new 10-well contract secured by Sonadrill, the company’s 50/50 joint venture with an affiliate of Sonangol, for Seadrill’s West Gemini drillship offshore Angola. The contract contains options for up to eight additional wells.
Total contract value for the firm portion of the contract is expected to be approximately $161 million (inclusive of mobilization revenue and additional services), with further meaningful revenue potential from a performance bonus. Commencement is expected in Q4 2022, with a firm term of approximately 18 months, in direct continuation of the West Gemini’s existing contract.
The West Gemini is the third drillship to be bareboat-chartered into Sonadrill, along with two Sonangol-owned units, the Sonangol Quenguela and Sonangol Libongos. Seadrill will manage and operate the units on behalf of Sonadrill.
“Our strategic partnership with Sonadrill is critical to the development of the Angolan oil and gas sector and to Seadrill’s position as the number one rig operator in Angola. We’re grateful for the Seadrill crew aboard the West Gemini who deserves the lion’s share of the credit for this contract,” said Seadrill CEO Simon Johnson.
