Seadrill (SDRL) Gets $235M Contact from Chevron (CVX) Thai Unit for T18 Assist Rig

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Seadrill (Nasdaq: SDRL) received a Letter of Award for a five-year contract for the tender assist rig T18 by Chevron Thailand Exploration and Production Ltd, or Chevron (NYSE: CVX). Commencement of operations is scheduled for the first quarter 2014, following the delivery to Chevron of tender assist rigs T15 and T16 during 2013. The estimated value of the five-year contract is approximately US$235 million.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, "We are pleased to see our longstanding relationship with Chevron strengthen further and the tender rig concept continue to advance in South East Asia. This agreement serves as an affirmation that our business plan for this asset class is well regarded."

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