Seadrill negotiates contract extension, agrees to settlement

Seadrill Partners is negotiating an 18-month contract extension for the ultra-deepwater semisubmersible West Aquarius, thereby extending operations for the rig off the east coast of Canada until April 2017.

Offshore staff

HAMILTON, Bermuda – Seadrill Partners is negotiating an 18-month contract extension for the ultra-deepwater semisubmersible West Aquarius, thereby extending operations for the rig off the east coast of Canada until April 2017. The new contract, which will be subject to required approvals by the joint interest owners, is expected to be executed by Nov. 30. The total revenue potential for the extension is estimated to be $337 million.

As part of a settlement agreement, Seadrill Partners has agreed to nonpayment for 37 days during a mobilization period as a result of the time required for the West Aquarius to complete modifications and repairs to meet the regulatory requirements for operations in Canadian waters.

10/11/2013

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