Chevron Inks Contract for West Tellus

Chevron Corporation’s subsidiary Chevron China Energy Company has inked a contract for Seadrill Limited’s newbuild ultra-deepwater vessel West Tellus (UDW drillship), Seadrill reported Friday.

The 180-day contract could generate revenue of approximately $150 million inclusive of bonus potential and mobilization, Seadrill said in a statement. The rig is scheduled for delivery in late September 2013 from the Samsung Heavy Industries shipyard in Geoje, South Korea. The rig will later be relocated to Liberia, Seadrill noted.

The Chevron contract is scheduled to begin in late October and last through late April 2014 at a day rate in the mid-$570,000s, according to Rigzone’s RigLogix database.

Seadrill also reported it is in discussions with a major oil company for a multi-year contract that would be directly following the contract with Chevron.

 “The initial contract on West Tellus allows us to expand a longstanding relationship with a key customer in the ultra-deepwater segment while also providing Seadrill the opportunity to place the West Tellus in West Africa, ready for a follow on contract,” said Seadrill Management Ltd. President and CEO Per Wullf in a July 19 press release.

The West Tellus is a sixth generation drillship that will be outfitted to work in up to 10,000 feet of water, capable of water depths up to 12,000 feet and drilling to up to 37,000 feet.


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