Seadrill Inks $1.1B Rig Deal Offshore Nigeria

Seadrill Limited has secured a contract with Total Upstream Nigeria Ltd for employment of the newbuild West Jupiter (UDW drillship), in support of the EGINA ultra-deep offshore project in Nigeria.

The contract is for a firm period of 5 years and has a total revenue potential for the primary contract term of approximately $1.1 billion inclusive of mobilization. Seadrill's total consolidated backlog stands at approximately $20 billion with the execution of this contract.

The West Jupiter is one of eight 6th generation drillships currently under construction for Seadrill and is expected to be delivered from the Samsung Heavy Industries shipyard in Geoje, South Korea in August 2014. The rig will be outfitted to work in up to 10,000 ft of water and is capable of water depths up to 12,000 feet and drilling depths up to 37,500 feet.

Per Wullf, Seadrill CEO commented, "We are very pleased to have been chosen by Total and its partners for this important project. This contract provides an opportunity to deepen our relationship with a key customer and strategically increase our rig fleet in Nigeria, adding the West Jupiter alongside the West Capella which has been operating in the Usan field Offshore Nigeria since 2008. Seadrill takes pride in continuing to build its presence in the Nigerian oil & gas industry".

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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