Aquadrill seals the deal for drillship in Indonesia, sells semi-sub rig

October 13, 2021, by Nermina Kulovic

Aquadrill, formerly known as Seadrill Partners, and a subsidiary of Vantage Holdings have reached an agreement to provide the 6th generation drillship Capella for a two-well contract for operations in Indonesia. Aquadrill has also sold one of its semi-subs.

Vantage was approved as a manager of four deepwater floating rigs for Aquadrill in March 2021 while the company was under Chapter 11. Aquadrill emerged from bankruptcy in May 2021 and later on revealed the name change following a contract award with Equinor for the Vela drillship.

Vantage is the manager for Polaris and Capella drillships and for semi-submersibles Leo and Sirius.

Aquadrill said on Tuesday that the two-well contract in Indonesia also includes two priced optional wells. The rig will be contracted to Premier Oil Andaman for one well and subcontracted to Repsol Andaman for the second well.

The total contract value for the firm portion of the contract is expected to be approximately $42 million and work is expected to start in 1Q 2022 following the completion of its current contract, transitioning the rig to the new manager, relocation of the rig from Malaysia to Indonesia and contract preparation. The contract is expected to run into mid-3Q 2022.

Aquadrill added that, in the event the options are exercised and the work scope is similar to the firm wells, the rig is expected to be available in late 4Q 2022 / early 1Q 2023 and the total additional contract value is expected to be approximately $37 million.

Aquadrill also said in its fleet status report on Tuesday that the Sirius semi-submersible rig was sold. The report shows that the 2008-built rig is managed by Vantage Drilling and is located in the Gulf of Mexico.

About two weeks ago, Aquadrill also entered into a charter hire agreement with a subsidiary of Diamond Offshore Drilling to provide the Auriga drillship for operations in the U.S. Gulf of Mexico. Diamond Offshore is acting as the manager for two Aquadrill’s rigs, the 2013-built Auriga drillship and the 2011-built Capricorn semi-submersible rig.