Seadrill Receives Two New Jack-Up Contracts from BHP Billiton Petroleum

Seadrill has secured two new contracts from BHP Billiton Petroleum for Offshore Resolute in Vietnam and Offshore Vigilant in Trinidad.

It is anticipated that Seadrill will take 150 days for the three well drilling projects for Offshore Vigilant and the value of the contract is around US$20 million. The contract value of the two well assignments for Offshore Resolute is about US$11 million and is likely to take 90 days.

The company has planned to begin operations for Offshore Vigilant in the third quarter of 2011 by continuing the current contract and to begin Offshore Resolute operations in mid May 2011. The Offshore Vigilant deal contains options for four wells in addition and expects a period of 200 days.

This is the first agreement for Seadrill from BHP. This is a good chance for Seadrill to develop a strong affiliation with BHP. The total value of the two assignments is US$31 million and enhances the earnings visibility for jack-up contracts in 2011.

Source: http://www.seadrill.com/

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.

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