Seadrill, Chevron extend rig contracts

Seadrill Partners has secured one-year contract extensions for the T-15 and T-16 tender rigs with Chevron Thailand E&P.  

The contracts will now expire in July and August 2019, respectively.  The total backlog of the two contract extensions is approximately US$80 million. 

As part of the agreement to extend the contracts, Seadrill has agreed to a dayrate reduction on the current contracts, effective from 1 October 2015.  As a result, the total backlog of the current contracts is reduced by $35 million.

The net effect of this agreement has resulted in an increase of $45 million in total backlog and an additional year of contract coverage for the two units.

Image: T-15/Seadrill