Statoil gives Seadrill a Letter of Intent for Drilling Offshore Norway

Seadrill has a letter of intent from Statoil for a new harsh environment jackup to drill on the Norwegian continental shelf.

The five-year contract has an estimated value of around $650 million, including a $24-million mobilization fee, and is due to start in summer 2011. Statoil has an option to extend the contract by one to four years, on the same terms and conditions.

The Gusto MSC CJ70 150A design jackup is under construction at the Jurong shipyard in Singapore, and should be completed early next year. Seadrill will exercise its option to acquire the rig for around $350 million, excluding owner-furnished equipment, loose drilling equipment, capitalized interest, and project management.

Seadrill describes the rig as an advanced, ultra-large, harsh environment, high specification drilling unit, tailored to Norwegian sector requirements. It will be able to operate in water depths of up to 150 m (492 ft) with a higher variable deck load and a higher operating efficiency compared to previous generations of jackups. Its size could also make it suited to activities such as well testing and early production.

Source: Statoil,April 14,2010;Image:regjeringen, April 15,2009

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