UPDATE: Seadrill announces details of 5 rig contract with Qatar (natural gas wells) | SDRL Message Board Posts

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Msg  37141 of 37421  at  8/30/2019 2:39:08 PM  by

TonsbergDescendant

The following message was updated on 8/30/2019 2:43:21 PM.

Re: UPDATE: Seadrill announces details of 5 rig contract with Qatar (natural gas wells)

  
  
Looks like Seadrill will be paying about $20,000 per day, each, to bareboat charter the 3 non-owned jack-ups, which are part of the 5 jack-up Qatar contract.  3 newbuild Friede & Goldman JU2000E vessels coming from Chinese shipyard ZPMC (Zhenhua Heavy Industries); named the Lovanda, Lovasing and KS Java Star 3.  
 
  The Seadrill owned rigs West Telesto (2013-premium) and West Castor (2013-premium)  should be the first two jackups to work their portion (6+6 in aggregate) of this multi-year term contract, starting 1Q20.  Additionally, I expect the 3 bareboat jackups to be delivered from China to Qatar's Middle East waters in 1Q20 by a heavy lift vessel owned by Dockwise, and start their portion (8+8 in aggregate) of the multi-year contracts in 2Q and 3Q20.  Dayrates for the drilling rigs with crew $128k/d per jackup during the firm periods, and $140k/d for the option years.  The total value of the contract which has already been disclosed ($656 million firm + $700 million option), as had the number of term years (14 yrs firm +13.7 yrs option, in aggregate).
 
  Seadrill has landed this, the longest and highest jack-up day-rate term contract since the downturn, at dayrates well above spot rates for premium jackups that were running in the $70-75k/d range earlier this year.
 
New contracts are extremely cash flow and P&L positive.  These $128/140k day-rates are in-line with 2013/2014 premium jackup rates,  the year just before the offshore drilling market started to crash.     T.D. 
 
 


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Replies
Msg # Subject Author Recs Date Posted
37142 Re: UPDATE: Seadrill announces details of 5 rig contract with Qatar (natural gas wells) ex_hacker202 0 8/31/2019 11:42:46 AM
37334 Re: UPDATE: Seadrill status on 6 rig contract with Qatar (natural gas wells) TonsbergDescendant 4 1/9/2020 2:51:20 PM






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