SDRL - Seadrill receives award for newbuild ultra-deepwater

SDRL - Seadrill receives award for newbuild ultra-deepwater
semisubmersible West Mira with start-up in 2015 
HAMILTON, BERMUDA -- (Marketwire) -- 11/12/12 --  SDRL - Seadrill
receives award for newbuild ultra-deepwater semisubmersible West Mira
with start-up in 2015. 
Seadrill has  received a Letter of Award from  Husky Oil Operations
Limited for a new five-year contract for the newbuild
harsh 
environment semi-submersible rig  West Mira for  operations in Canada
and Greenland.  Total  estimated  revenue  potential  for  the 
contract, including
mobilization and performance bonus is
approximately US$1.18 billion for the five
firm  years.  The West
Mira is currently under construction at the Hyundai Samho
Shipyard 
in South  Korea and  delivery is  scheduled for Q4 2014. Upon
delivery
from  the yard the rig will commence transit to the east
coast of Canada. Start-up  of operations  is estimated  during Q2 
2015. The West  Mira is designed for drilling  in harsh environments
and water depths  up to 10,000 ft. The unit will
be  equipped  with 
DP-3 (dynamic  positioning)  as  well  as  12 point
mooring
capability,  potential for two six ram blowout  preventers
and along with 1,000
ton load path capacity. 
The  West Mira represents one  out of ten semi-submersible  rigs in
the Seadrill
fleet  capable of  operations in  harsh environments, 
eight of  which have been
delivered  since 2008. Seadrill has another
harsh environment newbuild, the West
Rigel,  of similar design as the
West Mira,  which will be delivered in Q1 2015
from  the Jurong 
shipyard in  Singapore that  is currently  still available for
contract. 
John  Fredriksen Chairman of Seadrill  Limited says, "The West  Mira
will be the second  rig Seadrill will operate in Eastern Canada. This
award is the result of the  reputation for  safe and  efficient
operations  that Seadrill has developed
within  the offshore 
drilling industry.  After enjoying  a safe  and successful
drilling 
campaign with  Husky Energy  in China  with the  West Hercules, we
are pleased  that Husky has chosen to extend that relationship with a
contract for a newbuild offshore Eastern Canada." 
Fredriksen   continued   to  say,  "The  award  of  a  five-year 
contract   with
commencement  in 2015 is also a clear sign of the
p
resent tightness in the harsh
environment / deepwater drilling
market. Seadrill currently have several options / proposals to
increase the newbuild program within this field further. Based on
close  discussions with our customers we  also see several additional
attractive
long-term  chartering  opportunities.  A  decision 
regarding further investment
within  this segment is likely to be
taken shortly and might also include direct
investments from North
Atlantic Drilling Ltd." 
In  line with  the omnibus  agreement terms  and conditions between
Seadrill and Seadrill  Partners, Seadrill  is obligated  to offer 
the West  Mira to Seadrill
Partners  at a fair market price.  Such a
deal represents one of many attractive
opportunities  to  secure 
aggressive  profitable  growth and potential dividend
distribution
increases in the newly established Seadrill Partners. 
This information is subject of the disclosure requirements pursuant
to section
5-12 of the Norwegian Securities Trading Act. 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
that: 
(i) the releases contained herein are protected by copyright and    
other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and     
originality of the information contained therein. 
Source: Seadrill Limited via Thomson Reuters ONE 
[HUG#1656938] 
Contact
Rune Magnus Lundetrae
Chief Financial Officer
Seadrill Management AS
+47 51 30 91 26