Aquadrill Wins Drillship Deal In Indonesia, Sells Semi-Sub

Aquadrill Wins Drillship Deal In Indonesia, Sells Semi-Sub
Aquadrill and a Vantage subsidiary have reached an agreement to provide the Capella drillship for a two-well contract for operations in Indonesia.

Offshore driller Aquadrill and a subsidiary of Vantage Holdings have reached an agreement to provide the 6th generation drillship Capella for a two-well contract for operations in Indonesia.

Aquadrill, formerly known as Seadrill Partners, said that the initial firm contract includes two priced optional wells.

Vantage is the approved manager of four deepwater floating rigs for Aquadrill since March 2021 while the company was under Chapter 11. Aquadrill emerged from bankruptcy in May 2021 and changed its name.

As for the Capella, the rig will be contracted to Premier Oil for one well and subcontracted to Repsol for a second well.

The total contract value for the firm portion of the contract is expected to be approximately $42 million and work is expected to begin in the first quarter of 2022 following the completion of its current contract, transitioning the rig to the new manager, relocation of the rig from Malaysia to Indonesia and contract preparation. The contract is expected to run into mid the third quarter of 2022.

In the event that the options are exercised, and the work scope is similar to the firm wells, the rig is expected to be available in the late fourth quarter 2022 or early first quarter 2023 and the total additional contract value is expected to be around $37 million.

In its fleet status report, published on the same day as the Vantage deal, Aquadrill said that the Sirius semi-submersible rig was sold to an Indian recycling company. The 2008-built rig is currently located in the Gulf of Mexico.

To contact the author, bojan.lepic@rigzone.com


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