World of Oil and Gas ///

Statoil has offered Seadrill a new five-year, $712 million contract for the use of the West Venture rig on the Norwegian Continental Shelf. Under the terms of the new contract, the rig will be used by Statoil until August 2015. Statoil has the option up until January 2011 to extend the contract by an additional one or two years at the same rig price. The West Venture is a fifth-generation semisubmersible rig. It has been in operation for Statoil on Troll Field in the North Sea since it was built in 2000.

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