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Seadrill’s West African work
WEst afRiCa
SeADRILL Partners has secured a one-well contract in Gabon, for its West Polaris rig. Mean- while, Seadrill has announced a nine-well con- tract, with options for more, in West Africa for its West Gemini rig. Seadrill has a nancial interest in Seadrill Partners of around 65%, including a 35% stake in its common units.
London-based Seadrill Partners announced the contract with PC Gabon Upstream on July 17. e value of the work was expected to be around $22mn, excluding mobilisation fees. is contract will begin in September and run until the end of 2019. Seadrill Partners’ 11 rigs are managed by Seadrill.
Petronas – via its PC Gabon Upstream company – announced a deepwater discovery o shore Gabon in March 2018. e well was drilled in 2,800 metres of water. Despite nding hydrocarbons, the depth of this operation made the nd uncommercial to develop.
Seadrill Partners went on to say it had signed a one-year contract for the West Polaris, at a price of $72mn, in southern Asia, on July 19.
In January, the company said it had won a six- well contract – with three optional wells – for its West Vencedor rig, o shore Cote d’Ivoire. e rm part of the contract was anticipated to be worth $20mn, starting in the third quarter of the year and running into the second quarter of 2020.
Seadrill, the parent company based in Ber- muda, announced its nine-well contract on July 17. e company did not disclose details of the
operator. In addition to the nine wells, there are three options for another two wells each. e total contract value for the rm portion of the West Gemini’s agreement is $84mn. Work will begin early in the fourth quarter and run until the last quarter of 2020.
The West Gemini has been operating in Angola. In May, the company said this would be working in the country, for eni, until June. Transocean’s Ocean Rig Poseidon is also under contract to the Italian company in Angola, under an agreement that expires in August.
Seadrill launched a 50:50 joint venture with Sonangol in February. This unit, Sonadrill, would operate four drillships, with each partner providing two vessels. Seadrill would manage and operate the rigs.
Seadrill’s CeO, Anton Dibowitz, in the com- pany’s first-quarter results noted “increased contracting activity in the deepwater market, in many instances with improved contract terms such as mobilisation payments and certain capex being paid for by the customer. While the spot market for short-term work remains com- petitive, we are starting to see improvements in rates for longer-term work.” Seadrill Partners is focused on deepwater units.
Transocean’s Development Driller III went to work for exxonMobil in equatorial Guinea ear- lier this year, under a contract that will run into 2020. Total also has two rigs, one from ensco and one from Transocean, running in Angola under long-term deals.
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Source: BHGE
Rig use in Africa
Land rigs minus Algeria's count
Land Offshore
Week 29 23•July•2019 w w w . N E W S B A S E . c o m P9
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