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SeaDrill Ltd Receives Term Extension for Semi-Submersible West Leo


Thursday, 17 Jan 2013 02:20am EST 

SeaDrill Ltd announced that Tullow plc has exercised its contractual option to extend the contract for the ultra-deepwater semi-submersible rig West Leo by two years from May 2016 to May 2018. The West Leo is expected to carry out operations in West Africa until the end of its contract in May 2018. The potential contract revenue for the extension is estimated to approximately USD 450 million based on 97% utilization and includes a performance bonus arrangement. This brings the total estimated contract value to USD 1.13 billion. 

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