By GlobeNewswire, October 10, 2013, 03:57:00 PM EDT
HAMILTON, Bermuda, Oct. 10, 2013 (GLOBE NEWSWIRE) --
Seadrill Limited announces today that its
subsidiary, Seadrill Partners, as part of a settlement agreement has agreed to
non-payment for 37 days during the recent mobilization period as a result of the
time required for the ultra-deepwater harsh environment semi-submersible West
Aquarius to complete modifications and repairs in order to meet the regulatory
requirements for operations in Canadian waters and for the operator to receive
authorization from the Canadian authorities to commence operation. This loss
will negatively impact third quarter results.
In conjunction, it is negotiating an 18 month contract extension thereby
extending the operations for the rig off the east coast of Canada until April
2017. The new contract, which will be subject to required approvals by the
joint interest owners, is expected to be executed by November 30, 2013.
The total revenue potential for the extension is estimated to be
approximately US$337 million.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
+47 51 30 99 00
Source: Seadrill Limited