Offshore drilling contractor Vantage Drilling has received court approval for a previously proposed deal which entails Vantage managing some of the rigs owned by Seadrill Partners.
Vantage said Friday it had has entered into a Framework Agreement and related Management and Marketing Agreements with Seadrill Partners LLC (“Seadrill Partners”) under which Vantage’s subsidiaries will provide operating, management and marketing services to Seadrill Partners and its subsidiaries in respect of four of their deepwater floaters, which include the drillships: the West Polaris and the West Capella, and the semisubmersibles: the West Leo and the West Sirius.
The U.S. Bankruptcy Court - Southern District of Texas reviewed and approved the Framework Agreement and related agreements on March 18, 2021.
John Roche, Seadrill Partner’s Chief Executive Officer, commented, “The floaters to be managed, operated and marketed by Vantage have played an important role in our fleet, and we are pleased to entrust these assets to Vantage. We believe Vantage’s strong track record and reputation for safe and efficient operations will position our assets to secure new contracts and maximize value for our customers and stakeholders.”
Ihab Toma, Vantage’s Chief Executive Officer, commented, “We are very pleased to have reached an agreement with Seadrill Partners to manage, operate and market certain of their deepwater floaters.
"This agreement is a testament to the confidence that owners and customers place in Vantage. We are excited to have the opportunity to collaborate with Seadrill Partners and intend to leverage our management platform to bring first-class operational performance and efficiency to our client’s fleet.
"We take very seriously the trust Seadrill Partners have placed in Vantage and we look forward to putting their rigs to work in the most safe and efficient manner, while leveraging the stellar track record of these deepwater floaters.”
To remind, Seadrill Partners, an affiliate of offshore drilling firm Seadrill, in December 2020 filed for Chapter 11 bankruptcy protection in a move to restructure its debt.
The company's fleet comprises four drillships, four semi-submersible drilling rigs, and three tender rigs.
Seadrill Partners in February signed an agreement with Energy Drilling Management Pte Ltd (EDMPL) to maintain, market, and operate the company's tender rigs Seadrill-T15, Seadrill-T16, and West Vencedor.