Seadrill Snags $378MM Drilling Rig Contract Offshore Angola

Seadrill has been awarded a new contract by Cabinda Gulf Oil Company Ltd (Chevron) for development drilling offshore Angola with the semi-tender rig West Berani II, which is currently under construction.

The contract has a duration of five years with commencement in the first quarter 2010, subsequent to delivery from the yard. Estimated contract value is approximately US $378 million, including mobilization, demobilization and minor upgrades.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, said, "We are pleased to have signed yet another term contract for one of our tender rigs. Based on our operation track record and position in the tender rig market we expect to continue to grow our order backlog and earnings visibility even in today's market."