Seadrill Semisub Finally Heads West

Seadrill has through its affiliate Sea Dragon de Mexico settled the final agreement with Pemex for the provision of the ultra-deepwater semi-submersible drilling rig West Pegasus (previously Seadragon I). The five-year assignment in Mexico has a fixed operating dayrate for the first two years, and the dayrate will be adjusted annually thereafter based on market conditions. Estimated contract value is approximately US $850 million (excluding mobilization fee) assuming a constant dayrate over the five year term.

West Pegasus was recently delivered from the Jurong Shipyard in Singapore and proceeded for mobilization to Mexico on April 1. Commencement of operations is scheduled for the third quarter 2011.

Alf C Thorkildsen, Chief Executive Officer of Seadrill Management said, "This is Seadrill's first assignment for Pemex, and it presents an exciting opportunity to develop a strong relationship with one of the largest national oil companies in the world, as well as strengthening our position in the Gulf of Mexico. This contract further underlines the value of our recent acquisition of the Seadragon units, adding significant earnings visibility at what we believe is competitive terms and conditions."

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Machinists (Manual) - Houston, Texas
Expertise: Machinist
Location: Houston, TX
 
Instrumentation and Electrical Technician
Expertise: Coil Tubing|Instrumentation Technician|Military
Location: Houston, TX
 
Sr. Piping Designer
Expertise: Design Engineer|Refinery Specialist
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours