New contract announced for Seadrill today | SDRL Message Board Posts

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Msg  36981 of 37043  at  2/28/2019 12:53:48 PM  by

TonsbergDescendant


New contract announced for Seadrill today

 
I compute this as a contract for 585 day firm + 235 day option.  
 820 days; being from ~4/1/20- 6/30/22.  
 
Works out to a $340k/d + bonus day-rate for the firm period; with the option period to be based on a market indexed rate.
 
West Bollsta is a new name. This newbuild 7thG harsh-environment was previously called the Bollsta Dolphin.  Earlier this week it was out at sea doing Sea Trials.
 
To the best of my knowledge Seadrill (SDRL) will not be laying out any $ to buy or own the rig.  What has not yet been announced is how much of the $340k/d will go to pay for bareboat chartering of the rig. The newbuild West Bollsta was purchased by NODL for $400 Mn; significantly less than the $740 Mn that it was estimated to cost when ordered by European offshore company Fred.Olsen from South Korea's  Hyundai Heavy shipyard. Fred.Olsen never took delivery of the Bollsta Dolphin.  
 
NODL is a publicly traded company,  traded solely on Norway's Oslo Stock Exchange.  
 
Disclosure:  Long NODL, SDRL and SDLP.    T.D.  


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