SeaDrill Lines Up Work for Two Rigs

SeaDrill has accepted and counter-signed a Letter of Intent for it's newbuild SeaDrill 3 (Hull B265) for delivery in May 2006. The rig will be contracted to Total immediately after delivery from the yard.

The LOI includes a period of two years work in Nigeria at a rate of US $166,000 per day, with the possibility of a further extension of one year at a rate to be mutually agreed between the parties. Underlying the LOI is the intention to build up a closer relationship between Total and SeaDrill including the prospect for fixture of further rigs.

SeaDrill has also received a LOI for SeaDrill 6 (formerly known as Sakhalinskaya) for half a year. The employment is scheduled to start in October this year after completion of the work for Shell. The rate for this employment is US $185,000 per day. The Board is currently evaluating the proposal.

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