Seadrill announce JV contract in Angola
Seadrill Limited announced a new contract has been secured by Sonadrill Holding Ltd (“Sonadrill”), the 50:50 joint venture with an affiliate of Sonangol E.P. (“Sonangol”).
Sonadrill has secured a twelve well contract with one option for nine wells and eleven one well options in Angola for the Sonangol Quenguela drillship. Total contract value for the firm portion of the contract is expected to be approximately $131 million (inclusive of mobilization revenue and additional services) with commencement expected in Q1 2022 and running to Q3 2023. The contract is contingent on National Concessionaire approval.
Sonangol Quenguela is the second of two Sonangol-owned drillships to be bareboat chartered into Sonadrill. The drillship is a 7th generation, DP3, dual activity, e-smart ultra-deepwater drillship delivered in 2019, capable of drilling up to 40,000ft wells.
Sonadrill is a joint venture created between Sonangol, owner of Sonangol Libongos and Sonangol Quenguela drillships, and Seadrill, which has extensive drilling expertise both worldwide and in Angola.
A further two Seadrill-owned units are expected to be bareboat chartered into Sonadrill. Seadrill will manage and operate the four units on behalf of Sonadrill.
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Seadrill Limited (SDRL) – First Quarter 2021 Update
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