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Seadrill culls $1.1bn of Petrobras rig contract extensions from orderbook

Seadrill has removed $1.1bn worth of extension contracts with embattled Brazilian state-oil and gas firm Petrobras from its orderbook.

Marcus Hand, Editor

February 13, 2015

1 Min Read
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Seadrill announced in November that Petrobras had approved contract extensions for its ultra-deepwater semi-submersibles the West Taurus and West Eminence with firm periods of three years and potential revenues of $1.1bn.

“Due to recent developments within Petrobras, the company no longer believes the contracts will be concluded in the timeframe or on the previously approved commercial terms,” the company said. As a result the $1.1bn in potential revenues has been removed from its orderbook.

“Seadrill continues to work with Petrobras and its partners to find a mutually agreeable commercial solution,” it said.

However, contract awards from Petrobras on the Libra Field for the ultra-deepwater drillships the West Tellus and West Carina, announced at the same time have already been signed and expected to start in the second quarter of the year.

The contracts also had firm periods of three years and potential revenues of $1.1bn.

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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