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Seadrill in joint venture project in Angola

A joint venture involving Bermudian-based offshore drilling outfit Seadrill Ltd has secured a contract for a project in Angola.

The company said the contract has been secured by Sonadrill Holding Ltd, the 50:50 joint venture with an affiliate of Sonangol EP.

Seadrill said Sonadrill has secured a 12 well contract with one option for nine wells and 11 one-well options in Angola for the Sonangol Quenguela drillship.

Total contract value for the firm portion of the contract is expected to be approximately $131 million, inclusive of mobilisation revenue and additional services, with commencement expected in the first quarter of next year and running to the third quarter of 2023, the company said.

It added that the contract is contingent on national concessionaire approval.

Seadrill said Sonangol Quenguela is the second of two Sonangol-owned drillships to be bareboat chartered into Sonadrill. The drillship is a seventh generation, DP3, dual activity, e-smart ultra-deepwater drillship delivered in 2019, capable of drilling up to 40,000ft wells.

Sonadrill is a joint venture created between Sonangol, owner of Sonangol Libongos and Sonangol Quenguela drillships, and Seadrill, which has extensive drilling expertise both worldwide and in Angola, the company said.

A further two Seadrill-owned units are expected to be bareboat chartered into Sonadrill.

Seadrill will manage and operate the four units on behalf of Sonadrill, it said.

Stuart Jackson, chief executive officer of Seadrill, said: "Sonadrill is a strategic partnership in an important deepwater basin. The operational excellence and experience of our team has driven this expansion of the joint venture.

“Securing the contract for the Sonangol Quenguela drillship is a great achievement, and is testament to the confidence that our partners and clients have in the company and its staff."

Seadrill Ltd: Bermudian-based offshore drilling outfit’s joint venture secures contract (File photograph)

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Published May 17, 2021 at 12:13 pm (Updated May 17, 2021 at 12:13 pm)

Seadrill in joint venture project in Angola

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