Saudi Aramco Books Gig with West Callisto Jackup

Seadrill has signed a contract with Saudi Aramco for employment of the jackup rig West Callisto (400' ILC) offshore Saudi Arabia. The contract duration is a minimum of three years plus an option for a one year extension. The potential revenue for the three year period is approximately $164 million plus a $20 million mobilization fee to cover various upgrades, dry tow vessel expenses and dayrate in the mobilization period. The West Callisto is currently operating in Southeast Asia and is scheduled to finalize its existing work scope in August 2012. The unit will subsequently commence its transit to the Middle East and is scheduled to start operations for Saudi Aramco in September 2012.

Alf C Thorkildsen, CEO in Seadrill Management AS, commented, "We are delighted to have signed our first contract with Saudi Aramco for operation in Saudi Arabia. This award complements our growing jackup operations in the region which will increase from two to five units this year. We continue to see a strong demand for premium jackup rigs and expect to improve our earnings visibility for this asset class going forward."

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