SDRL - Seadrill acquires the ultra-deepwater semi-submersible

SDRL - Seadrill acquires the ultra-deepwater semi-submersible rig
Songa Eclipse 
HAMILTON, BERMUDA -- (Marketwire) -- 11/16/12 --  A subsidiary of
Seadrill has entered into an agreement with Songa Offshore to acquire
the ultra-deepwater semi- submersible
rig Songa Eclipse for a
consideration of US$590 million. The rig was delivered
from the
Jurong Shipyard in Singapore in 2011, and is currently operating
for
Total offshore Angola on a fixed contract ending in December
2013. In addition
Total has three one-year options to further extend
the contract. Seadrill intends to take delivery of the rig during
December 2012 after which it will
have an immediate impact on
Seadrill's cash flow and financial results. 
Fredrik Halvorsen, Chief Executive Officer of Seadrill Management AS
says, "This
investment is in line with our strategy of building a
modern fleet through selective acquisitions and organic growth. The
ultra-deepwater market is in a
strong cycle, something we expect to
prevail over the coming years and the acquisition increases our
exposure to this segment. Furthermore, we are pleased
to strengthen
our relationship with Total in Angola, and increase our presence
in
the region, which adds scale to our operations and could further
reduce our
relative cost base in the region." 
Songa Eclipse is of the same design, Friede & Goldman ExD millenium,
as four of Seadrill's existing rigs in operation, West Sirius, West
Taurus, West Orion and
West Capricorn. The rig is dynamically
positioned (DP 2 class certification) and equipped with Aker
Solutions drilling equipment and have water depth capability
up to
10,000ft and drilling depth capacity of up to 37,500ft. The subsea
well
control system includes a six-ram 15K psi BOP stack. 
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#1658740] 
Media contact
Rune Magnus Lundetrae
Chief Financial Officer
Seadrill Management AS
+47 51 30 91 26 
Analyst contact
Ragnvald Kavli
Investor Relations Manager
Seadrill Management AS
+47 51 30 96 27
 
 
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