Seadrill wins two contract extensions, but at a price…

Seadrill Partners has secured one-year contract extensions for the T-15 and T-16 tender rigs with Chevron Thailand Exploration and Production, Ltd, a subsidiary of the U.S. based oil giant Chevron.

According to Seadrill, the contracts will now expire in July and August 2019, respectively. The total backlog of the two contract extensions is approximately $80 million.

As part of the agreement to extend the contracts, Seadrill has agreed to a dayrate reduction on the current contracts, effective from October 1, 2015. As a result, the total backlog of the current contracts is reduced by $35 million.

The net effect of this agreement has resulted in an increase of $45 million in total backlog and an additional year of contract coverage for the two units, the drilling company said.

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