Seadrill extends drillship contract on lower day rate
HAMILTON, Bermuda -- Seadrill has been awarded an 18-month contract extension for the West Tellus drillship by Petrobras, commencing in April 2018 and securing work for the unit through the end of October 2019. The total backlog for the contract extension is approximately $164 million.
As part of the agreement to extend the West Tellus, Seadrill agreed to a day rate reduction on the current contract effective from Feb. 26, 2016, resulting in a $132-million reduction in backlog.
The net effect of this agreement is a $32 million increase in backlog.
