The five contracts will have staggered commencements throughout 2020 with initial terms concluding in 2023 and 2024 respectively.
The total value of the contract is expected to be $656m including mobilisation fees. Each contract has five single well options which could add up to an estimated 13.7 cumulative years of term and an additional contract value of $700m.
The 50:50 joint venture GulfDrill will initially bareboat charter the West Telesto and West Castor from Seadrill, and has secured bareboat charters for three additional units from a third party shipyard.
“GulfDrill will give us the opportunity to improve our access to a market that is expected to show significant growth over the next years and strengthen our relationship with Qatar Petroleum,” commented Anton Dibowitz, ceo of Seadrill.
Read more: Seadrill and Sonangol form new drillship joint venture
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