Seadrill secures contracts for multiple jack-up units in Mexico

2/18/2014

Seadrill secures contracts for multiple jack-up units in Mexico

HAMILTON, Bermuda -- Seadrill Limited has announced that the final drilling contracts for the jack-up drilling units West Oberon, West Intrepid, West Defender and West Courageous are now executed. The fifth contract, for the recently acquired jack-up drilling unit, Prospector 3, renamed West Titania, is being processed for approval by Pemex and finalization is expected to take place in second-quarter 2014.

Each contract is for a firm term of approximately six years, and total revenue potential from the five contracts exceeds $1.8 billion.

Additionally, Seadrill has established SeaMex, a 50/50 JV with an investment fund controlled by private investment manager Fintech Advisory. SeaMex has been formed for the purpose of owning and managing the jack-up drilling units working for Pemex, as well as to develop and pursue further opportunities in Mexico and other Latin American countries. The gross proceeds for the sale of 50% of the five rigs to Fintech are expected to be around $488 million.

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