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Seadrill lands trio of rig contracts worth $361 million

Seadrill
Seadrill's West Calisto rig

Seadrill (XOAS: SDRL) has been awarded a series of contract extensions for a trio of oil rigs in the Arabian Gulf.

The AOD I, AOD III and West Castillo rigs are now committed until June 2025, December 2025 and November 2025, respectively.

Seadrill has not disclosed the name of the customer.

CEO Simon Johnson said: “We are pleased to be extending these rigs in the Arabian Gulf, solidifying Seadrill’s strong market share and further extending our impressive backlog.

“These contracts demonstrate the value customers place on Seadrill’s operational performance and safety record. The extensions also reflect the commitment and energy of our crews onboard the AOD I, AOD III and West Callisto and the shorebase teams that support them.”

The deal comes shortly after Seadrill landed awards worth $404m in the Middle East in April for the West Ariel, West Cressida, and West Leda rigs.

Seadrill started trading on the Oslo Bors – also known as Euronext Expand – under the ticker SDRL in April.

The company was delisted from the New York Stock Exchange (NYSE) in 2020, following a fall in the price of its shares, and later filed for Chapter 11 bankruptcy, from which it emerged in February 2022, appointing Mr Johnson as CEO shortly after.

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