SDRL - Seadrill Limited Announces Contract Award for the West Saturn

Hamilton, Bermuda, July 13, 2017 - Seadrill Limited (SDRL or "the Company") has secured a firm contract for one well and one drill stem test with Statoil Brasil Óleo e Gas for the West Saturn in Brazil. The contract also includes a number of option wells to be drilled in blocks where Statoil has license and operatorship. West Saturn is expected to commence operations between December 2017 and January 2018. The backlog for the firm portion of the contract, is expected to be approximately $26 million. The West Saturn will be upgraded with a Managed Pressure Drilling ("MPD") system which is expected to be utilized as part of the upcoming work scope. The Saturn represents the fifth unit managed by Seadrill equipped with MPD equipment.

 

 

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.

 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.