Seadrill Ltd. (Seadrill) secured a contract for the LT-Super 116E jack-up rig, West Freedom, offshore Venezuela with Cardon IV Venezuela, an ENI SpA and REPSOL joint venture. The contract is for a period of 30 months plus an option for a 6 month extension at mutually agreed rates.
The potential revenue for the primary contract term is about US $222 million inclusive of an estimated $8.5 million of mobilization. The West Freedom is currently operating in Qatar and will likely be available to commence its charter in late September 2013.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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