Seadrill crew takes new rig out for its very first well to drill - off Angola | SDRL Message Board Posts

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Msg  37214 of 37254  at  10/9/2019 2:47:09 PM  by

TonsbergDescendant

The following message was updated on 10/9/2019 2:53:01 PM.

Seadrill crew takes new rig out for its very first well to drill - off Angola

  
 About one hour ago a Seadrill crew took out to sea in the 7thG high-spec 2019 newbuild drillship.  It is accompanied by the two contracted offshore supply vessels Bourbon Explorer 518 and GH Discovery.  Will reach it's final destination tomorrow, October 10th. IMO.
 
 There it should immediately start drilling in Block 15/06, or Block 15.  Seadrill's West Gemini has been drilling for Italian major Eni, who is operator of Block 15/06.  Operator for Block 15 is Exxon.  I'm am not sure who the customer is, has never been announced, and the AIS destination is not certain as both Blocks have been entered in to the global computer for ocean vessel tracking.
 
The rig is contracted to drill 9 wells firm, with an additional 1 well options for up to 6 additional wells. Estimated contract value for the firm portion is $101 million, and the 9 wells to take the rest of 2019, all of 2020 and into beginning of 2022. Estimated day-rate is $202k/d.
 
Seadrill is operating the rig under its new Joint Venture with the Angola government, through its NOC Sonangol, via Sonadrill.  Drillship is the Libongos.  
 
The NOC Sonangol spent the $$$ to buy the Libongos, which is how Seadrill is able to add new revenue and backlog WITHOUT violating its loan covenants against raising capital via debt or equity to buy a drilling rig. Seadrill is responsible for managing, marketing and operating the Libongos for 5 years, which is the length of the JV agreement.  all as I recall.    T.D.
 


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