Sdrl -- Seadrill Limited Announces Contract Award For The West Phoenix
21 December 2019 - 8:25AM
UK Regulatory
TIDMSDRL
Hamilton, Bermuda, December 20, 2019 - Seadrill Limited ("Seadrill") has
secured a multiple well contract with Vår Energy AS for the West
Phoenix for work on the Balder re-development project in Norway. Total
contract value for the firm portion of the contract is expected to be
approximately $302 million with commencement expected at the end of 2Q
2021 and running through 3Q 2023. In addition to the base rate a well
based performance bonus mechanism is included in the award giving
potential for incremental revenue. The contract is subject to authority
approval of the Balder Future plan for development and operations (PDO).
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements
are generally not historical in nature, and specifically include
statements about the Company's plans, strategies, business prospects,
changes and trends in its business, the markets in which it operates and
its restructuring efforts. These statements are made based upon
management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and therefore involve a
number of risks, uncertainties and assumptions that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements, which speak only as of the date of this news
release. Consequently, no forward-looking statement can be guaranteed.
When considering these forward-looking statements, you should keep in
mind the risks described from time to time in the Company's filings with
the Securities and Exchange Commission, including its Annual Report on
Form 20-F (File No. 333-224459). The Company undertakes no obligation to
update any forward looking statements to reflect events or circumstances
after the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to time,
and it is not possible for the Company to predict all of these factors.
Further, the Company cannot assess the impact of each such factor on its
business or the extent to which any factor, or combination of factors,
may cause actual results to be materially different from those contained
in any forward looking statement.
This information is subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act.
(END) Dow Jones Newswires
December 20, 2019 16:25 ET (21:25 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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