Seadrill Secures LOI for Jack-Up Newbuild

Seadrill has been awarded a letter of intent from a major operator for the jack-up newbuild West Ariel. The contract has a firm duration of one year, and estimated contract value is approximately US$72 million, including mobilization fee. The assignment is for drilling operations in the South East Asia region.

West Ariel is currently under construction at KFELS in Singapore. Commencement of operation is expected to take place in the second quarter of 2008.

West Ariel is the fifth and final jack-up delivered in the current program to Seadrill from its existing shipyard commitments.

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