Finance News

Seadrill Provides Commercial Updates on West Vela, West Capella, and West Auriga

Seadrill Limited announces multiple contract awards totaling approximately $97.5 million in value, in addition to an update on the West Auriga. 

Talos Production Inc. has awarded the West Vela a contract with an estimated duration of 150 days in the US Gulf of Mexico. The contract is expected to commence in the third quarter of 2024 and represents a total contract value of approximately $73.5 million, excluding managed pressure drilling (MPD) services. 

The operator of the West Capella exercised a one-well option with the existing third-party manager, extending its operations by approximately two months. The contract is in direct continuation of the rig’s current program and represents a total contract value of approximately $24.0 million. 

Seadrill has been advised by the current manager of the West Auriga that the rig will be released in February 2024 due to changes in their client's drilling sequence. This enables Seadrill to resume management of the rig in the first quarter of 2024, accelerate preparation for its previously announced contract in Brazil beginning in the second half of 2024, and more quickly achieve synergies from the 2023 acquisition of Aquadrill. 

Simon Johnson, Seadrill's President & Chief Executive Officer, remarked, “It is a pleasure to extend our contractual relationship with our longstanding client, Talos Energy. We also look forward to getting Seadrill coveralls back onboard the West Auriga.” 

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