Friday, October 7, 2011

Tullow inks Seadrill rig for Ghana job

Seadrill has secured its second lucrative rig newbuilding charter contract of the day after Tullow Oil stepped in for a one-year deal off West Africa.

Eoin O'Cinneide

The Norwegian rig owner is landing at least $204 million from the short-term deal for the West Leo for work off Ghana next year.

The West Leo is Seadrill’s last ultra-deepwater semi-submersible newbuilding on order at Singapore’s Jurong Shipyard with delivery expected in late January.

The rig will head straight for the Tullow job which is slated to begin in mid April.

The contract price also includes an $18 million mobilisation fee meaning an approximate dayrate of $509,600. However, the contract also allows for a 10% daily bonus depending on performance.

Seadrill’s head of investor relations Jim Datland said there are no optional periods attached to the contract.

Earlier on Friday Seadrill announced it had tied up a five-year charter for its other remaining ultra-deepwater newbuilding rig at Jurong to an unidentified oil major. The deal for the West Capricorn is worth $919 million meaning a dayrate of approximately $487,000.

The contract, which includes a $30 million mobilisation fee, could be extended for two further one-year periods by the oil company. West Capricorn is scheduled to be delivered to North America in late December, with start-up operations scheduled for May 2012.

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