Seadrill Secures Contract for Newbuild West Atlas

Seadrill has been awarded a letter of intent by Coogee Resources in Australia for the jackup West Atlas (Seadrill 1), currently under construction. The contract has a duration of 12 months with a possibility for extension up to a further 12 months.

The contract value for the fixed part of the assignment is estimated to approximately US $96 million. Start-up of operations is planed in the fourth quarter 2007, following delivery.