Seadrill, SapuraCrest consider joint venture to supply vessels for Petrobras

Seadrill Ltd and SapuraCrest Petroleum Bhd are considering an agreement whereby they would form a subsidiary company to build and charter pipelay support vessels to Petrobras.

Offshore staff

HAMILTON, Bermuda – Seadrill Ltd and SapuraCrest Petroleum Bhd are considering an agreement whereby they would form a subsidiary company to build and charter pipelay support vessels to Petrobras.

Two of the vessels would be built outside Brazil, but the third one would be in-country with applicable local content. Operations for the PLSVs would begin by October 2014.

SapuraCrest holds agreements with Petrobras for the charters. Seadrill would get a 50% equity in the operation if it is approved by SapuraCrest shareholders. Seadrill holds 23.6% equity in SapuraCrest.

12/22/2011

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