Sdrl -- Joint Venture With Gulf Drilling International

Date : 08/15/2019 @ 10:00PM
Source : Dow Jones News
Stock : Seadrill Ltd (SDRL)
Quote : 1.87  0.02 (1.08%) @ 12:59AM
After Hours
Last Trade
Last $ 1.90 ▲ 0.03 (1.60%)

Sdrl -- Joint Venture With Gulf Drilling International

Seadrill (NYSE:SDRL)
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3 Months : From Jul 2019 to Oct 2019

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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.

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