Seadrill has been awarded a letter of intent by A/S Norske Shell, on behalf of the operator Norsk Hydro, for the assignment of the deepwater drillship West Navigator on the Ormen Lange field in the Norwegian Sea.
The contract has a duration of four years and nine months (1733 days), and estimated contract value is approximately US$806 million. The commencement is scheduled for October 1, 2007. The assignment is subject to approval by the Ormen Lange project partners.
West Navigator is currently operating for Shell at the Ormen Lange field under a well by well contract with an estimated duration including options to April 2009. The new contract replaces the current contract with effect from October 1, 2007.
Analyst contact:
Jim Dåtland, Vice President Investor Relations, ph. 90 57 61 20
Media contact
Hilde Waaler, Public Relations Manager, ph. + 47 51 30 99 19
Seadrill Limited
Hamilton, Bermuda
December 8, 2006