Brazil’s state-owned energy giant Petrobras has prolonged a drilling assignment that an ultra-deepwater drillship is carrying out in the South American country.
Seadrill , a Bermuda-headquartered offshore drilling contractor, has secured a 1,095-day contract extension with Petrobras for the West Polaris drillship regarding the work at the Búzios field in the Santos Basin off the coast of Brazil.
The rig owner explains that the additional term adds approximately $480 million in contract backlog and is expected to begin in direct continuation of the current program in January 2028.
The contracted day rate has been updated, with the period from April 1, 2026, through March 31, 2027, being valued at $409,200, and the term from April 1, 2027, through January 15, 2028, at $454,700.
Samir Ali , Seadrill’s President and Chief Executive Officer, commented: “This award enhances Seadrill’s earnings visibility for a mature asset into the next decade. It provides significant value to both Seadrill and Petrobras, while strengthening our relationship with a valued, long-term partner.”
The 2008-built West Polaris is a Samsung 10,000 sixth-generation ultra-deepwater dual activity drillship, with a capacity to operate in water depths up to 10,000 feet. The rig has a maximum drilling depth of 37,500 feet and can accommodate 200 people.
This contract extension comes shortly after Seadrill’s 50:50 joint venture with Sonangol got another one in Angola for a seventh-generation ultra-deepwater dual-activity drillship.