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SDRL - contract secured for West Hercules

Posted: 9 September 2011

A four-year contract has been secured for the ultra-deepwater rig West Hercules for operations for harsh environment for the international energy company Statoil.

The potential contract revenue value is US$787 million, including US$50 million in mobilization fee. Statoil has in addition, the right to extend the contract for an additional one-year period.

"We are pleased to secure a long-term contract for one of our most advanced ultra-deepwater rigs," said Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS.

"This assignment reflects the growth in demand for premium rigs and allows West Hercules to utilize its deepwater and harsh environment capabilities. We are delighted to extend our relationship with Statoil, as a key client and as one of our longest standing business partners."

Commencement of the assignment is scheduled for third quarter 2012, following completion of its current contract in South China Sea and mobilization period.

The rig will be operated by North Atlantic Drilling Ltd., Seadrill's 75 percent owned subsidiary.

West Hercules is a sixth generation, dynamically positioned, high-specification, state of the art semi-submersible drilling unit.

The unit has been working in the South China Sea since delivery from the yard in November 2008.




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