Sevan Drilling Rigs Now Run by Seadrill

Norwegian drilling contractors Sevan Drilling and Seadrill have executed agreements under which Seadrill will take over the management of Sevan Drilling offshore drilling rigs.

Seadrill, which owns a controlling stake in Sevan Drilling, will manage the operation of the company’s Sevan Driller, Sevan Brasil, Sevan Louisiana and, ultimately, Sevan Drilling Rig 4 which is under construction in China.

In respect of the Rig 4, Seadrill will also be responsible for preparations for operations and mobilization and marketing of all rigs, as well as providing construction support.

Sevan Drilling CEO Scott Kerr said in August he was optimistic the Rig 4 would have a contract by the end of the year. He said a desired location would be Brazil, where the company already has two rigs drilling for Petrobras, but since Seadrill is now running the marketing, there are various possibilities for where the rig might go. As for the day rate expectations, Sevan Drilling said it expected to secure a $500.000 for the Rig 4.

Commenting on today’s announcement Kerr, said: “Sevan Drilling is very pleased with the opportunity provided by having Seadrill as our majority shareholder. We have strong belief in the design and operations of our rigs and now with the assistance of Seadrill we have a much more stable financial basis as well a strong operating organization to deliver the full value of the company.”

[mappress]

September 17, 2013