The rig, on contract for three years with an option for a further one year, is expected to generate potential revenue of approximately $662m during the course of operations in the Gulf of Mexico.
West Neptune is expected to be delivered to Seadrill from the Samsung Heavy Industries shipyard in Geoje, South Korea, in early June 2014. The rig will be outfitted to work in up to 10,000ft of water and is capable of water depths up to 12,000ft and drilling depths up to 37,000ft.
“This award complements our expanding deepwater operations in the area with Seadrill's fleet growing to six ultra-deepwater units within the US and Mexican Gulf of Mexico over the next 18 months,” said Fredrik Halvorsen, ceo of Seadrill Management. “In addition, this contract brings Seadrill's order backlog to US$20.9 billion. We continue to experience strong demand for premium ultra-deepwater rigs and expect to further increase our backlog and earnings visibility in the next months as our additional ultra-deepwater units under construction secure term contracts.”
"The West Neptune will be the first dual Blowout Preventer (BOP) rig in the Gulf of Mexico for LLOG,” added Scott Gutterman, LLOG ceo. “LLOG will initially utilize the rig to perform completions of our Delta House wells. Having two BOPs will allow LLOG to complete our wells efficiently saving up to 12 days per completion. Execution of this contract is another key step in accelerating the drilling and development of our extensive portfolio of exploration prospects in the Gulf of Mexico. Seadrill is an outstanding company and we are looking forward to the business relationship."
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