SeaDrill 5 Suffers Leg Damage in Punch Through Incident

SeaDrill's jackup, SeaDrill 5, currently under contract to major oil company operating in India has experience a problem in connection with the jack up operation of this rig at its new location. One of the legs suffered a punch-through and some damage occurred to the leg. The jacking operation of the rig was performed based on ground information provided by the oil company.

According to the contract the rig remains in this situation on contract based on waiting rate.

Some repair will have to be made to the leg and it is expected that the offhire in connection with such repairs will negatively influence the income for the rig in the first quarter. The physical damage to the leg and the repair needed is fully insured.

In other news, SeaDrill has received a signed letter of intent from a major oil company for a 2 year contract for its new building SeaDrill No. 3 which will be delivered in May of this year. The rate for this LOI is US $160,000 a day. SeaDrill has so far not countersigned the LOI but are in the process of evaluating this contract against several other employment opportunities. A final decision is expected shortly.

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