Seadrill Limited has secured a four year firm contract with four one year options, for the West Saturn drillship with Equinor Brasil Energia Ltda (Equinor) for work on the Bacalhau field in Brazil.
Total value for the firm portion of the contract is expected to be approximately $380 million (inclusive of mobilization, upgrades, and integrated services revenue) with a performance bonus providing meaningful incremental opportunity. The total contract value is contingent on the final investment decision by the partnership for Bacalhau. Commencement is expected in 1Q 2022.
The West Saturn has Seadrill’s existing, bespoke, managed pressure drilling (MPD) system already installed and in conjunction with Equinor and our partners, will receive further upgrades and enhancements in safety, efficiency, and environmental control.
Human factor safety enhancements to red zone management will be automated through the use of our AI-enabled safety technology Vision IQ. The efficiency of the drillship will be further enhanced through Seadrill’s Plato Performance solution, driving continuous improvement in repetitive drilling activities whilst delivering consistent process execution and optimization of the drilling program with improved safety.
In line with our efforts to reduce emissions, the fuel consumption of the West Saturn is expected to be reduced by between 10-15% with the introduction of a combined hydrogen and methanol injection system along with other energy efficiency upgrades. Emissions of carbon dioxide (CO2) are expected to reduce by between 10-15%, and Nitrous Oxide (NOx) by between 30-80%.
This award, in collaboration with Equinor and their partners, demonstrates our commitment to reducing our overall carbon footprint whilst setting the standard in drilling through industry leading technological upgrades.
Seadrill’s Chief Executive Officer, Stuart Jackson commented, “This further broadening of our long-standing relationship with Equinor is a testament to the experience and consistent operational excellence of our team. The West Saturn’s planned upgrades are a key development in Seadrill’s innovation pipeline, as the adoption of new technologies will improve drilling efficiency and reduce the environmental footprint of Seadrill and our clients’.”
About Seadrill
Seadrill (OSE:SDRL, OTCQX:SDRLF) is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations across the globe. Seadrill’s high quality, technologically advanced fleet spans all asset classes allowing its experienced crews to conduct its operations from shallow to ultra-deep-water environments. The company operates 43 rigs, which includes drillships, jack-ups and semi-submersibles.
About Equinor
Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.