SDRLF - Sonadrill Holding secures new contract in Angola for Seadrill JV

Sonadrill Holding Ltd secures a new contract for Seadrill's (OTCPK:SDRLF) 50:50 joint venture with an affiliate of Sonangol E.P. The ten-well contract with options for up to eight additional wells in Angola for the West Gemini drillship with firm portion total value expected to be ~$161M, with further meaningful revenue potential from a performance bonus. Commencement is expected in Q4 2022 with a firm-term of ~18 months. The West Gemini is the third drillship to be bareboat chartered into Sonadrill, along with two Sonangol-owned units, the Sonangol Quenguela and Sonangol Libongos. Seadrill will manage and operate the units on behalf of Sonadrill. Together, the three units position the Seadrill JV as the premier rig operator in Angola, furthering the goal of building an ultra-deepwater franchise in the Golden Triangle and driving efficiencies from rig clustering in the region.

For further details see:

Sonadrill Holding secures new contract in Angola for Seadrill JV