Seadrill’s two drillships under charter for $1.1 billion

Offshore rig operator Seadrill has signed a charter agreement with Petrobras for two drillships, the West Polaris and the West Auriga, worth approximately $1.1 billion.

Under the agreements, the West Auriga has a total contract value of approximately $577 million and the West Polaris has a total contract value of approximately $518 million. The agreements, which include additional service and mobilization fees, have fixed lease terms of 1,064 days and will commence performance in the fourth quarter of 2024.

Prior to servicing Petrobras, the two drillships will be transitioned from the existing third party management company to Seadrill, which currently has four drillships operating in Brazilian waters.

The West Auriga is a Type 12,000 seventh-generation ultra-deepwater twin-operator drillship, built by Samsung Heavy Industries in South Korea and delivered in 2013. The vessel has a capacity of 200 persons and can operate in water depths up to 12,000 feet, with a maximum drilling depth of 37,500 feet.

Currently, Seadrill has been working on chartering contracts for its drilling fleet.

At the end of November 2023, Seadrill entered into charter contracts for two of its drillships in the U.S. Gulf of Mexico. Seadrill entered into a contract extension with LLOG Exploration Offshore for the 2014-built floating drillship “West Neptune” valued at approximately $76 million, which will directly continue the existing contract and extend the term of service to May 2025, and with QuarterNorth Energy for the 2013-built drillship “West Neptune”. Agreement with QuarterNorth Energy for the 2013-built drillship West Vela to work in the U.S. Gulf of Mexico from June through August 2024.

Yangzijiang Shipbuilding

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