Seadrill announces contracts in Brazil valued at about $1.1B

Seadrill Limited (SDRL) announced that Petrobras (PBR) has awarded 1,064-day fixed-term contracts to each of the West Auriga and the West Polaris following a competitive bidding process. The contracts are expected to commence in the fourth quarter of 2024 and represent total contract value of approximately $1.1B, inclusive of additional services and mobilization fees. The West Auriga and the West Polaris will transition to Seadrill from the existing third-party managers before undertaking the campaigns with Petrobras. Commenting on the awards, Simon Johnson, Seadrill’s President and Chief Executive Officer, stated, “We have secured long-term contracts for the West Auriga and the West Polaris alongside our four high-specification drillships already working in Brazil. Petrobras are an important and longstanding customer for Seadrill. We are excited to expand our contractual relationship with them and increase our rig count in this key geography.” In connection with these contract awards, today the company published an updated fleet status report that can be found on its website, Seadrill noted.