The Week 52 summary highlights new developments for the Dolphin Drilling semi-submarine and Seadrill drillships.
The company Seadrill also signed new contracts for drillships in Brazil. The company announced that West Saturn has been awarded a one-year contract by Petrobras, with options for additional extensions. West Tellus was awarded a 17-month contract by Equinor in Brazil, scheduled to begin in the second quarter of 2025. Daily rates for both agreements were kept confidential. These new contracts strengthen Seadrill's position in the Brazilian market and guarantee additional revenue for the coming years.
Wake up
The signing of these new agreements highlights the companies' confidence in the potential of the oil and gas exploration sector and shows their commitment to investing in long-term drilling operations. These pacts also demonstrate the recovery of the oil and gas market, opening new opportunities for offshore drilling companies.
Contracts and Tenders in the Oil and Gas Sector
After a process of bidding for platforms to work in the Búzios field, outside Brazil, Petrobras awarded 1.064-day contracts to O drillship Seadrill's 12.000-foot drillship, West Auriga, and the 10.000-foot drillship, West Polaris. The contracts are expected to begin in November 2024 and have a total value of contract of approximately 1,1 billion dollars, including additional services and fees mobilization. The 6th generation drillship West Polaris is currently working for ONGC in India on a contract ending in January 2024 and is being managed by Vantage Drilling.
Rig Move and Platform Transition
A platform will transition to management with its owner Seadrill before beginning operation of the Petrobras contract, valued at US$518 million, including the mobilization fee and additional services. The 7th generation drillship West Auriga is working for BP in the US GOM under the management of Diamond Offshore. The BP contract is expected to end in May 2024. West Auriga will transition to Seadrill management before working with Petrobras. The contract for West Auriga is valued at US$577 million, including the mobilization fee and additional services. Seadrill plans to take over the management of these units since completing the acquisition from Aquadrill in April 2023.
Contract Dispute and Legal Action
Nigerian operator Peak Petroleum is taking legal action against Dolphin Drilling, challenging the termination of a rental contract. of the 6.000-foot semi-submersible Blackford Dolphin in Nigeria. Dolphin Drilling signed the contract with Peak Petroleum in March 2023. The contract had a minimum duration of 120 days and was expected to begin at the end of March 2024, in direct continuation of the platform's current contract with GHL, also in Nigeria. However, in late November 2023, Dolphin removed the contract with Peak Petroleum from the platform's order book.
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