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eFinanceMarkets

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eFinanceMarkets

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Tuesday, 04/11/2017 2:13:39 PM

Tuesday, April 11, 2017 2:13:39 PM

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North Atlantic Drilling wins 10-year rig contracts with ConocoPhillips

Seadrill (NYSE:SDRL) +14.7% premarket as its North Atlantic Drilling (NYSE:NADL) subsidiary secures 10-year contract awards with ConocoPhillips (NYSE:COP) for the West Elara and West Linus jack-ups for work at the Ekofisk field offshore Norway.

Total additional backlog for the new contract awards is estimated at $1.4B, excluding performance bonuses.

The new West Elara contract, which is expected to begin in October 2017, includes a period of fixed dayrates until March 2020 and a market indexed rate applicable thereafter until October 2027.

An existing contract for West Linus is extended from May 2019 until end of 2028 at a market indexed dayrate.
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