Seadrill Newbuild to Drill Off Trinidad and Tobago

Seadrill has entered into a conditional agreement with BP Trinidad and Tobago LLC for a firm two year contract plus further one year option period for the newbuild semi-tender West Jaya offshore Trinidad and Tobago. Contract value for the firm period is approximately US$140 million including a mobilization fee for the transit. In addition, BP will compensate Seadrill for minor equipment upgrades related to the assignment.

West Jaya is currently under construction at Keppel Shipyard in Singapore and delivery is scheduled for the end of March 2011. The unit will subsequently commence transit to Trinidad/Tobago and start-up on the contract with BP is expected early July 2011.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, says, "This is the first tender rig assignement for Seadrill in the Americas expanding the geographical footprint of our tender rig operations. Furthermore, this is our first tender rig contract with BP. We consider this as an excellent opportunity to further develop our strong operational relationship with BP the Americas."

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