Seadrill Confirms Contract for West Polaris

Regarding the letter of intent awarded to the ultra-deepwater drillship West Polaris (Mosvold I) back in October 2006. Seadrill today confirms that the operator, ExxonMobil, has signed the award for the long-term contract to utilize West Polaris for international exploration activities.

The contract has a firm duration of three years, and estimated contract value is approximately US $570 million. Approximately one third of the contract duration will be utilized by other operators, primarily Ophir Energy.

West Polaris is currently under construction at Samsung Shipyard in South Korea and is scheduled for delivery at the end of the second quarter 2008.

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