North Atlantic Drilling has been awarded an 18 month contract extension for the drillship West Navigator by A/S Norske Shell. This contract extension will secure employment for West Navigator until end of June 2014. The estimated revenue value for the contract extension is US$320 million.
Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, “Shell’s decision to extend the contract for West Navigator reflects the performance of the drillship and a tightening market for quality drilling units in the North Atlantic area. We are very pleased to further enhance our relationship with Shell as a key client and increase the earnings visibility for our Company.”
Seadrill has a 77% ownership interest in North Atlantic Drilling Ltd.
[mappress] Offshore Energy Today Staff, January 20, 2012; Image: Seadrill