The West Tellus (photo: Seadrill Limited)
Seadrill Limited reports the award of an 18-month contract extension for the drillship West Tellus by Petroleo Brasileiro SA, commencing in April 2018 and securing work for the unit through the end of October 2019. The total backlog for the contract extension is approximately USD 164 million.
As part of the agreement to extend the West Tellus, Seadrill has agreed to a dayrate reduction on the current contract effective from February 26th, 2016, resulting in a USD 132 million reduction in backlog.
The net effect of this agreement is a USD 32 million increase in backlog.