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Qatar Petroleum award $656 million jackup contract

19/08/2019
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Seadrill and Gulf Drilling International have entered into a 50:50 joint venture to sign a contract worth $656 million with Qatar Petroleum.

Seadrill and Gulf Drilling International will form GulfDrill to manager and operate five jackups for Qatar Petroleum
(Image via Seadrill)

The JV - named GulfDrill - will manage and operate five premium jackups in Qatar, beginning in 2020. The five contracts will have staggered commencements throughout the year, with initial terms concluding in 2023 & 2024.

They will initially bareboat charter the West Telesto and West Castor from Seadrill, with bareboat charters secured for three additional units from a third party shipyard.

Each contract has five single well options which could add up to an estimated 13.7 cumulative years of term and an additional contract value of $700 million.

"We are excited to establish a significant presence in an important Jackup market and to partner with GDI,” said Anton Dibowitz, Seadrill’s CEO.

“GulfDrill will give us the opportunity to improve our access to a market that is expected to show significant growth over the next years and strengthen our relationship with Qatar Petroleum."

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Qatar Petroleum award $656 million jackup contract - Time to read 2 min
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