Hamilton, Bermuda, August 15, 2019 - "Seadrill Limited (âSeadrillâ 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
âŠ
Vis bĂžrsmeldingen
(âGDIâ).
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: âWe 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.â
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Companyâs 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 managementâs 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 Companyâs 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
Kilde