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A New Contract In Angola For Seadrill Joint Venture

Seadrill has announced a new extension has been secured by Sonadrill Holding Ltd Seadrill’s 50:50 joint venture with an affiliate of Sonangol E.P. Sonadrill has secured a 12-well extension in Angola for the Libongos drillship at $402,500 per day.

Total contract value for the firm portion of the contract is approximately $327 million, inclusive of additional services. Commencement is expected in Q4 2022, with a firm-term of approximately 25 months, in direct continuation to the existing contract.

There are currently three drillships bareboat chartered into Sonadrill, a Seadrill owned unit, the West Gemini and two Sonangol-owned units, the Quenguela and Libongos. Seadrill manage and operate the units on behalf of Sonadrill.

Seadrill’s Chief Executive Officer, Simon Johnson commented “Sonadrill remains strategically important for the development of the Angolan oil and gas sector. Sonadrill is the number one rig operator in Angola and this new contract will generate significant free cash flow for the joint venture which will ultimately flow to Seadrill and Sonangol as shareholders.”

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