Oil & Gas News

Seadrill Limited Announces Contract Awards in the Middle East Totaling $404M

Seadrill Limited announces that it has been awarded three contracts by a leading operator for the West Ariel, West Cressida, and West Leda for work in the Middle East.

The firm-term of each contract is three years with expected commencement between Q1 2023 and Q2 2023. Total contract value for the three contracts is approximately $404m (inclusive of mobilization revenue).

Upon commencement of the three contracts, Seadrill will operate seven units directly and have a further three units on bareboat charter in the Middle East. Seadrill has a long successful track record in the Middle East, providing safe and efficient operations since 2013. 

Simon Johnson, Seadrill Chief Executive Officer, commented, “With our imminent re-listing in Oslo, news of this award confirms Seadrill’s status as a preferred partner in a rapidly recovering rig market. Upon commencement of operations early next year, these rigs will add to Seadrill’s strong market share in the Middle East, leading to significant economies of scale by clustering rigs of similar design in a market segment where we see strong signs of recovery and long-term demand.”

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