Seadrill Finalizes Contract for Venezuelan Work

Seadrill's majority owned subsidiary Scorpion Offshore Ltd. has received a binding Letter of Agreement for a two well firm plus two optional wells contract for Offshore Vigilant in Venezuela with Cardon IV S.A. Firm contract duration is estimated to 240 days with an option for extension of approximately 240 further days. Contract value for the firm period is approximately US $37.2 million. A one well new contract has been signed for Offshore Resolute in Vietnam. Contract duration is estimated to 55 to 70 days and the contract value is approximately US $5.8 to 7.4 million.

Seadrill has also secured a contract with Premier Oil in Indonesia for the newbuild jack-up West Callisto. The program in the Natuna Sea has an anticipated firm duration of around 230 days with options for extension of approximately 180 further days. Contract value for the firm part is estimated at US $27.4 million.

In addition, Seadrill has been awarded an assignment with PT PAN (P.T. Pertalahan Arnebatara Natuna) in Indonesia for the newbuild jack-up West Leda. The contract value for the 90 day firm operating period is estimated to be US $12.4 million.

Both West Callisto and West Leda will subsequent to some mobilization related activities relocate directly from the yard and start operations under their new assignments, meeting customer's needs in terms of rig delivery.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, said, "The placement of these rigs, representing a total of some US $84 million, is a milestone achievement in Seadrill's strategy of becoming the leading provider of ultra-modern jack-ups world wide. These contracts further underline the importance of our recent acquisition of Scorpion Limited, adding earnings visibility at what we believe are competitive terms and conditions."

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