Seadrill has signed a contract with Chevron China Energy Company for the newbuild ultra-deepwater drillship West Tellus in support of Chevron's affiliated global exploration program.
The contract will start in China immediately on shipyard delivery of the unit. It will then relocate to Liberia for Chevron. The agreement is for a period of 180 days with revenue potential of approximately US$150 million, inclusive of bonus potential and mobilization.
Additionally, Seadrill is currently engaged in advanced discussions with a major oil company for a multi-year contract on the West Tellus, starting in direct continuation of the Chevron contract.
The West Tellus is a 6th generation drillship, currently under construction for Seadrill at Samsung Heavy Industries shipyard in Geoje, South Korea, with expected delivery in September 2013.
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.