Sdrl -- Joint Venture With Gulf Drilling International
August 15 2019 - 5:00PM
Dow Jones News
TIDMSDRL
Hamilton, Bermuda, August 15, 2019 - "Seadrill Limited ("Seadrill" or
the "Company) refers to the announcements made on May 1, 2019 in
connection with the award of drilling contracts by Qatar Petroleum to
Gulf Drilling International ("GDI").
Seadrill and GDI have entered into a 50:50 joint venture, GulfDrill,
which will initially manage and operate five premium jackups in Qatar
with Qatar Petroleum commencing throughout 2020.
The five firm well based contracts will have staggered commencements
throughout 2020 with initial terms concluding in 2023 & 2024
respectively. The total contract value is expected to be $656 million
(including mobilization fees). Each contract has five single well
options which could add up to an estimated 13.7 cumulative years of term
and an additional contract value of $700 million.
GulfDrill will initially bareboat charter the West Telesto and West
Castor from Seadrill and has secured bareboat charters for three
additional units from a third-party shipyard.
Anton Dibowitz, CEO, commented: "We are excited to establish a
significant presence in an important Jackup market and to partner with
GDI. GulfDrill will give us the opportunity to improve our access to a
market that is expected to show significant growth over the next years
and strengthen our relationship with Qatar Petroleum."
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements
are generally not historical in nature, and specifically include
statements about the Company's plans, strategies, business prospects,
changes and trends in its business, the markets in which it operates and
its restructuring efforts. These statements are made based upon
management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and therefore involve a
number of risks, uncertainties and assumptions that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements, which speak only as of the date of this news
release. Consequently, no forward-looking statement can be guaranteed.
When considering these forward-looking statements, you should keep in
mind the risks described from time to time in the Company's filings with
the Securities and Exchange Commission, including its Annual Report on
Form 20-F (File No. 333-224459). The Company undertakes no obligation to
update any forward looking statements to reflect events or circumstances
after the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to time,
and it is not possible for the Company to predict all of these factors.
Further, the Company cannot assess the impact of each such factor on its
business or the extent to which any factor, or combination of factors,
may cause actual results to be materially different from those contained
in any forward looking statement.
This information is subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act
(END) Dow Jones Newswires
August 15, 2019 16:45 ET (20:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Seadrill (NYSE:SDRL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Seadrill (NYSE:SDRL)
Historical Stock Chart
From Sep 2023 to Sep 2024