HAMILTON, Bermuda, Jan. 10, 2007 (PRIME NEWSWIRE) -- Reference is made to the Letter of Intent disclosed to the Oslo Stock Exchange October 24, 2006 regarding the assignment awarded to the ultra-deepwater drillship West Polaris (Mosvold I). Seadrill today confirms that the operator ExxonMobil has signed the award for the long-term contract to utilize West Polaris for international exploration activities.
The contract has a firm duration of three years, and estimated contract value is approximately US$570 million. Approximately one third of the contract duration will be utilized by other operators, primarily Ophir Energy.
West Polaris is currently under construction at Samsung Shipyard in South Korea and is scheduled for delivery at the end of the second quarter 2008.
Seadrill Limited
Hamilton, Bermuda
January 10, 2007