Bermuda-registered international offshore drilling contractor Seadrill has signed a contract worth $570 million over three years for ExxonMobil to use its new semi-submersible oil drilling platform currently being built in South Korea.

The company trades on the Oslo Stock Exchange and has disclosed a letter to the Index regarding the assignment awarded to the ultra deepwater semi-submersible drilling unit called West Aquarius.

Seadrill has confirmed that ExxonMobil has signed the award for the long-term contract to utilise West Aquarius for international exploration activities and a firm contract for three years has an estimated value of approximately $570m.

West Aquarius is currently under construction at Daewoo Shipbuilding and Marine Engineering in South Korea and is scheduled for commencement of operations at the end of the third quarter of 2008.

Together with partners, Seadrill has 37 drilling units, of which 16 are under construction. Its fleet includes harsh-environment semi-submersibles, jack-ups, shallow and deepwater tender rigs and deepwater drillships.

Seadrill operates in 14 countries on four continents. The company is due to release its second quarter results next Monday.