Wednesday, October 23, 2019

Seadrill Ivory Coast Contract Terminated

August 5, 2019

West Vencedor. Image: Seadrill Partners

Seadrill Partners, the deep-water drilling contractor for the petroleum industry, has received an early termination notice from an unnamed operator for the West Vencedor rig contract offshore Ivory Coast.

The contract was expected to start in 3Q 2019. In January, the rig received a six-well contract with three option wells.

The West Vencedor unit had recently completed its work in Myanmar and will now stay in Southeast Asia to be marketed for additional opportunities.

Seadrill Partners is expected to receive a lump sum early termination payment in Q3 2019 of approximately the amount of adjusted EBITDA that would have been earned under the firm term of the contract and backlog will decrease by $20 million.

West Vencedor is  purpose built semi-submersible self-erecting tender assisted drilling rig featuring 10k dual BOP, off-line pipe handling, stand building and designed to work on TLPs and SPARs in up to 6,500 ft of water with pre-laid mooring.

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