Seadrill inks $204m deal with Tullow Oil for offshore Ghana rig operation

Norwegian rig outfit, Seadrill says it has been awarded a one-year contract by Tullow Oil Ghana Ltd., a subsidiary of Tullow Oil plc, for operations offshore Ghana with the new-build ultra-deepwater semi-submersible rig.

The rig is known as West Leo.

“The potential contract revenue for the one-year period is $204 million which includes $18 million in mobilization revenue. In addition, the rig can earn a daily performance bonus of up to 10%,” said the company controlled by shipping billionaire John Fredriksen in a statement October 7, 2011.

According to Seadrill, West Leo is currently under construction at Jurong Shipyard in Singapore with delivery scheduled for the end of January 2012 and that the unit will subsequently start its transit to Ghana where commencement on the Tullow contract is expected in mid April 2012.

In a related development, Seadrill has landed a $550 million loan.

In-demand rig owner Seadrill could be set for an acquisition splurge as it lines up another $550 million term loan from unnamed lenders.

The new loan has a tenor of five years and an amortisation profile of 10 years, the Oslo-listed company revealed in a bourse announcement late on Friday afternoon October 7, 2011, the Upstream reported.

By Ekow Quandzie

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