GulfDrill JV inks $656 million jackup contract with Qatar Petroleum

8/16/2019

HAMILTON, BERMUDA - Seadrill and Gulf Drilling International 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.

Seadrill West Telesto
Seadrill West Telesto

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."

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