Seadrill and Sonangol form new drillship joint venture

Seadrill Limited and Empresa de Servicos e Sondagens de Angola, an affiliate of Sonangol, have formed a 50:50 joint venture named Sonadrill to operate four drillships in Angolan waters.

Each of the joint venture parties will bareboat two drillships into Sonadrill.

The Seadrill drillships will be from its existing owned or managed fleet, while the Sonangol drillships, Libongos and Quenguela, are currently under construction at DSME yard in Korea and expected to be delivered in the first half of 2019. Both the Korean-built drillships are 7th generation high-spec ultra-deepwater drillships.

Seadrill will manage the delivery and mobilisation to Angolan waters under a separate Commissioning and Mobilization Agreement with Sonangol. Seadrill will also manage and operate the four drillships on behalf of Sonadrill which will have an initial term of five years.

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Anton Dibowitz, ceo of Seadrill, commented: "Sonadrill will give us the opportunity to gain incremental access to a market that is expected to show significant growth over the next years, further strengthen our relationship with key customers and provides an attractive opportunity to continue expanding our fleet of premium ultra-deepwater rigs."

Posted 07 February 2019

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Lee Hong Liang

Asia Correspondent

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