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Sonadrill is important to Angolan oil and gas sector

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Lucrative extension: Sonangol Libongos drill ship

Seadrill Limited, the offshore drilling contractor based in Bermuda, has announced that its joint venture operation has secured an extension with a total contract value of $327 million for the firm.

Sonadrill Holding Ltd, Seadrill's 50-50 joint venture with an affiliate of Sonangol EP, has secured a 12-well extension in Angola for the Libongos drill ship at $402,500 per day.

Simon Johnson, Seadrill's chief executive officer, said: "Sonadrill remains strategically important for the development of the Angolan oil and gas sector.

“Sonadrill is the No 1 rig operator in Angola and this new contract will generate significant free cashflow for the joint venture which will ultimately flow to Seadrill and Sonangol as shareholders."


Bermuda-based SFL Corporation Ltd has agreed to acquire a pure car truck carrier in combination with a long-term time charter to a leading car carrier operator until 2028.

The ship-owning company, one of the world’s largest, said it expects to take delivery of the vessel during the fourth quarter.

SFL has also taken delivery of four modern Suezmax tankers and one new-build eco-design feeder container vessel, all on long-term charters.

The company expects to take delivery of another new-build eco-design feeder container vessel later in the fourth quarter. All recently announced transactions are expected to have full revenue effect from the first quarter 2023.


Bermudian-based Golar LNG Limited has sold about eight million shares in Cool Company Ltd, raising net proceeds of approximately $100 million.

Golar LNG is the owner of tankers that haul liquefied natural gas.

After the sale, Golar will own about 4.5 million CoolCo shares, representing 8.3 per cent of CoolCo.

Golar CEO Karl Fredrik Staubo said: “The sale of CoolCo shares is driven by progress on FLNG growth opportunities, where we expect to deploy the sale proceeds.

“We are delighted to see CoolCo realising the potential of the carrier business and delivering on its commitment to industry consolidation and dividend distributions to shareholders.”


Vince Lok is to retire as executive vice-president and CFO of Teekay Corporation after nearly 30 years with the company.

Teekay, a provider of international crude oil and other marine transportation services, said Brody Speers, vice-president, finance and treasurer, will be assuming Mr Lok’s responsibilities, along with continuing to oversee Teekay’s finance, accounting and tax teams.


DHT Holdings Inc, the Bermudian-based crude oil tanker company, had a third-quarter net profit of $7.5 million compared with a net loss in the third quarter of 2021 of $21 million.

The company reported shipping revenues for the quarter of $108.2 million compared with shipping revenues of $59.1 million in the third quarter of 2021. The increase includes $52.3 million attributable to higher tanker rates partially offset by $3.2 million attributable to a decrease in total revenue days.

Other revenues for the quarter were $1.7 million and mainly relate to technical management services provided.

Voyage expenses were $52.9 million, compared with voyage expenses of $21.4 million in the third quarter of 2021.


Bermudian-based Avance Gas Holding Ltd, which is involved in the transportation of liquefied petroleum gas, has agreed to sell the 2009-built very large gas carrier Promise with a time-charter attached.

The company has also entered into a 12-month time charter for the non-scrubber ship Pampero (2015-built) replacing the remaining duration of the time charter attached to Promise and thus maintaining the contract coverage for the fleet.

The sale of Promise is expected to be handed over to the new owner during the fourth quarter of the year and is estimated to generate approximately $20 million in net cash proceeds and a book profit of approximately $7.5 million at delivery.

This vessel is the third 2008-9-built VLGC that the company has sold this year, generating total estimated net cash proceeds of approximately $66.8 million.


Valaris Limited, the offshore drilling services company, has announced that drill ship Valaris DS-12 has been awarded a four-well contract with BP offshore Egypt worth more than $130 million.

The contract is expected to commence late in the third quarter or early in the fourth quarter of 2023 and has an estimated duration of 320 days.

The estimated total contract value, inclusive of a mobilisation fee, is $136.4 million.

President and chief executive officer Anton Dibowitz said: “The rig has a long and successful track record with the customer, having worked for BP in several locations offshore Africa, including Egypt, over the past three-and-a-half years. We look forward to partnering with BP on another successful campaign.”

Strategically important: Simon Johnson, Seadrill's chief executive officer (File photograph)
Driven by progress: Golar CEO Karl Fredrik Staubo (File photograph)
Track record: president and chief executive officer Anton Dibowitz (File photograph)

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Published November 23, 2022 at 7:44 am (Updated November 23, 2022 at 7:44 am)

Sonadrill is important to Angolan oil and gas sector

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