Seadrill announces West Tellus contract expansion
Seadrill Limited has been awarded an 18 month contract extension for the drillship West Tellus by Petroleo Brasileiro SA, commencing in April 2018 and securing work for the unit through the end of October 2019. The total backlog for the contract extension is approximately $164 million.
As part of the agreement to extend the West Tellus, the Company has agreed to a dayrate reduction on the current contract effective from February 26th, 2016, resulting in a $132 million reduction in backlog.
The net effect of this agreement is a $32 million increase in backlog.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More
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