Seadrill has been awarded an 18 month contract extension for the drillship West Tellus by Petrobras after cutting its day rate.
The contract runs from April 2018 until the end of October 2019. The total backlog for the contract extension is approximately $164 million.
As part of the agreement to extend the West Tellus, the company has agreed to a day rate reduction on the current contract effective from February 26th, 2016, resulting in a $132 million reduction in backlog.
The net effect of this agreement is a $32 million increase in backlog.