HAMILTON, Bermuda, April 27, 2021 /PRNewswire/ -- Seadrill
Limited ("Seadrill" or the "Company") (OSE:SDRL) (OTCQX:SDRLF) has
secured a four year firm contract with four one year options, for
the West Saturn drillship with Equinor Brasil Energia Ltda for work
on the Bacalhau field in Brazil.
Total value for the firm portion of the contract is expected to
be approximately $380 million
(inclusive of mobilization, upgrades, and integrated services
revenue) with a performance bonus providing meaningful incremental
opportunity. The total contract value is contingent on the final
investment decision by the partnership for Bacalhau. Commencement
is expected in 1Q 2022.
The West Saturn has Seadrill's existing, bespoke, managed
pressure drilling (MPD) system already installed and in conjunction
with Equinor and our partners, will receive further upgrades and
enhancements in safety, efficiency, and environmental control.
Human factor safety enhancements to red zone management will be
automated through the use of our AI-enabled safety technology
Vision IQ. The efficiency of the drillship will be further enhanced
through Seadrill's Plato Performance solution, driving continuous
improvement in repetitive drilling activities whilst delivering
consistent process execution and optimization of the drilling
program with improved safety.
In line with our efforts to reduce emissions, the fuel
consumption of the West Saturn is expected to be reduced by between
10-15% with the introduction of a combined hydrogen and methanol
injection system along with other energy efficiency upgrades.
Emissions of carbon dioxide (CO2) are expected to reduce
by between 10-15%, and Nitrous Oxide (NOx) by between 30-80%.
This award, in collaboration with Equinor and their partners,
demonstrates our commitment to reducing our overall carbon
footprint whilst setting the standard in drilling through industry
leading technological upgrades.
Seadrill's Chief Executive Officer, Stuart Jackson commented, "This
further broadening of our long-standing relationship with Equinor
is a testament to the experience and consistent operational
excellence of our team. The West Saturn's planned upgrades are a
key development in Seadrill's innovation pipeline, as the adoption
of new technologies will improve drilling efficiency and reduce the
environmental footprint of Seadrill and our clients'."
About Seadrill
Seadrill is a leading offshore drilling contractor utilizing
advanced technology to unlock oil and gas resources for clients
across harsh and benign locations across the globe. Seadrill's high
quality, technologically advanced fleet spans all asset classes
allowing its experienced crews to conduct its operations from
shallow to ultra-deep-water environments. The company operates 43
rigs, which includes drillships, jack-ups and
semi-submersibles.
Seadrill is listed on the Oslo Børs and OTCQX. For more
information, visit https://www.seadrill.com/
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 regulatory filings and
periodical reporting. 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 of the Norwegian Securities Trading
Act.
For further information, please contact:
seadrill@hawthornadvisors.com
020 3745 4960
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