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Seadrill Limited — Management Reports 2017
Aug 24, 2017
9186_rns_2017-08-24_03d9ed88-a253-443f-8d6f-700400e7d3c2.pdf
Management Reports
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| Rig type/Name | Generation/ type 1 |
Built | Water depth (feet) |
Drilling depth (feet) |
Location | Client | Current contract | ||
|---|---|---|---|---|---|---|---|---|---|
| Start | Expire | Dayrate US\$ | |||||||
| Semi-submersibles | |||||||||
| West Alpha 2 | 4th-HE | 1986 | 2,000 | 23,000 | Norway | Norway | - | - | - |
| West Venture 2 | 5th-HE | 2000 | 2,600 | 30,000 | Norway | Norway | - | - | - |
| West Phoenix 2 | 6th-HE | 2008 | 10,000 | 30,000 | UK | Nexen | May-17 | Nov-17 | Undisclosed |
| Norway | Wintershall18 | Nov-17 | Dec-17 | Undisclosed | |||||
| West Hercules | 6th-HE | 2008 | 10,000 | 35,000 | Norway | Norway | - | - | - |
| UK | Siccar Point Energy | Apr-18 | May-18 | Undisclosed | |||||
| UK | Siccar Point Energy | May-18 | Jun-18 | Undisclosed | |||||
| West Sirius 3 | 6th-BE | 2008 | 10,000 | 35,000 | GoM | GoM | - | - | - |
| West Taurus | 6th-BE | 2008 | 10,000 | 35,000 | Spain | Spain | - | - | - |
| West Eminence | 6th-HE | 2009 | 10,000 | 30,000 | Spain | Spain | - | - | - |
| West Aquarius 3 | 6th-HE | 2009 | 10,000 | 35,000 | Canada | Canada | - | - | - |
| Canada | BP | Mar-18 | Jun-18 | 260,000 | |||||
| Sevan Driller 4 | 6th-BE | 2009 | 10,000 | 40,000 | Malaysia | Malaysia | - | - | - |
| West Orion | 6th-BE | 2010 | 10,000 | 35,000 | Malaysia | Malaysia | - | - | - |
| West Pegasus | 6th-HE | 2011 | 10,000 | 35,000 | Spain | Spain | - | - | - |
| West Capricorn 3 | 6th-BE | 2011 | 10,000 | 35,000 | GoM | BP | Jul-17 | Jul-19 | 526,000 |
| West Eclipse | 6th-BE | 2011 | 10,000 | 40,000 | Angola | ExxonMobil 8, 9 | Jun-16 | Jun-18 | 340,000 |
| West Leo 3 | 6th-HE | 2012 | 10,000 | 35,000 | Spain | Spain | - | - | - |
| Sevan Brasil 4 | 6th-BE | 2012 | 10,000 | 40,000 | Brazil | Petrobras 7 | Jul-12 | Jul-18 | 265,000 |
| Sevan Louisiana 4 | 6th-BE | 2013 | 10,000 | 40,000 | GoM | GoM | - | - | - |
| West Rigel 2 | 6th-HE | 10,000 | 40,000 | Under construction at Jurong | - | - | - | - | |
| Sevan Developer 4, 10 | 6th-BE | 10,000 | 40,000 | Under construction at COSCO | - | - | - | - | |
| Drillships | |||||||||
| West Navigator 2 | Ultra-deepwater | 2000 | 7,500 | 35,000 | Norway | Norway | - | - | - |
| West Polaris 3 | Ultra-deepwater | 2008 | 10,000 | 35,000 | Equatorial Guinea | ExxonMobil | Jul-17 | Feb-18 | 490,000 |
| West Capella 3 | Ultra-deepwater | 2008 | 10,000 | 35,000 | Cyprus | Total11 | Jul-17 | Sep-17 | 165,000 |
| Gabon | Petronas12 | Oct-17 | Jan-18 | Undisclosed | |||||
| Gabon | Repsol12,13 | Jan-18 | Feb-18 | Undisclosed | |||||
| Options | Petronas12 | Mar-18 | Aug-18 | Undisclosed | |||||
| West Gemini | Ultra-deepwater | 2010 | 10,000 | 35,000 | Angola | Total 8 | Oct-13 | Oct-17 | 656,000 |
| West Auriga 3 | Ultra-deepwater | 2013 | 12,000 | 40,000 | GoM | BP 14 | Oct-13 | Oct-20 | 562,000 |
| West Vela 3 | Ultra-deepwater | 2013 | 12,000 | 40,000 | GoM | BP 15 | Nov-13 | Nov-20 | 564,000 |
| West Tellus | Ultra-deepwater | 2013 | 12,000 | 40,000 | Brazil | Petrobras 7 | Apr-15 | Oct-19 | 325,000 |
| West Neptune | Ultra-deepwater | 2014 | 12,000 | 40,000 | GoM | LLOG 16 | Dec-14 | Dec-17 | 573,000 |
| GoM | LLOG | Dec-17 | Jul-18 | 155,000 | |||||
| Options | LLOG | Jul-18 | Nov-18 | 155,000 | |||||
| West Saturn | Ultra-deepwater | 2014 | 12,000 | 40,000 | Brazil | Statoil6,7,12 | Feb-18 | Jun-18 | 206,000 |
| Options24 | Statoil6,7,12 | Jun-18 | Oct-19 | 206,000 | |||||
| West Jupiter | Ultra-deepwater | 2014 | 12,000 | 40,000 | Nigeria | Total | Dec-14 | Dec-19 | Undisclosed |
| West Carina | Ultra-deepwater | 2015 | 12,000 | 40,000 | Brazil | Petrobras 7 | Jun-15 | Jun-18 | 481,000 |
| West Draco | Ultra-deepwater | 12,000 | 40,000 | Under construction at Samsung | - | - | - | - | |
| West Dorado | Ultra-deepwater | 12,000 | 40,000 | Under construction at Samsung | - | - | - | - | |
| West Aquila | Ultra-deepwater | 12,000 | 40,000 | Under construction at DSME | - | - | - | - | |
| West Libra | Ultra-deepwater | 12,000 | 40,000 | Under construction at DSME | - | - | - | - |
| Rig type/Name | Generation/ type 1 |
Built | Water depth (feet) |
Drilling depth (feet) |
Location | Current contract | |||
|---|---|---|---|---|---|---|---|---|---|
| Client | Start | Expire | Dayrate US\$ | ||||||
| Jack-ups | |||||||||
| West Epsilon 2 | Heavy-duty - HE | 1993 | 400 | 30,000 | Norway | Norway | - | - | - |
| West Elara 2 | Heavy-duty - HE | 2011 | 450 | 40,000 | Norway | Statoil 18 | Mar-17 | Sep-17 | 138,000 |
| Norway | ConocoPhillips 18 | Oct-17 | Mar-18 | 95,000 | |||||
| Norway | ConocoPhillips 18 | Mar-18 | Mar-20 | 195,000 | |||||
| Norway | ConocoPhillips 18 | Apr-20 | Sep-27 | Market indexed rate | |||||
| West Linus 2 | Heavy-duty - HE | 2014 | 450 | 40,000 | Norway | ConocoPhillips 17,18,19 | Apr-17 | Mar-18 | 307,000 |
| Norway | ConocoPhillips 17,18,19 | Apr-18 | May-19 | 205,000 | |||||
| Norway | ConocoPhillips 18 | Jun-19 | Dec-28 | Market indexed rate | |||||
| West Defender 5 | BE | 2007 | 350 | 30,000 | Mexico | PEMEX | Aug-14 | Aug-18 | 116,000 |
| Mexico | PEMEX | Sep-18 | Jan-23 | 155,500 | |||||
| West Prospero | BE | 2007 | 400 | 30,000 | Malaysia | Malaysia | - | - | - |
| West Courageous 5 | BE | 2007 | 350 | 30,000 | Mexico | PEMEX | Sep-14 | Aug-18 | 116,000 |
| Mexico | PEMEX | Sep-18 | Nov-23 | 155,500 | |||||
| West Vigilant | BE | 2008 | 350 | 30,000 | Malaysia | Malaysia | - | - | - |
| West Intrepid 5 | BE | 2008 | 350 | 30,000 | Mexico | PEMEX | May-14 | Aug-18 | 116,000 |
| Mexico | PEMEX | Sep-18 | May-23 | 155,500 | |||||
| West Ariel | BE | 2008 | 400 | 30,000 | Republic of Congo | ENI20 | Jul-16 | Feb-18 | 120,000 |
| West Cressida | BE | 2009 | 375 | 30,000 | Malaysia | PCPPOC | Jun-17 | Sep-17 | Undisclosed |
| West Freedom | BE | 2009 | 350 | 30,000 | Colombia | Ecopetrol | Sep-17 | Nov-17 | 109,000 |
| West Callisto | BE | 2010 | 400 | 30,000 | Saudi Arabia | Saudi Aramco | Jan-17 | Nov-18 | 120,000 |
| West Leda | BE | 2010 | 375 | 30,000 | Malaysia | Malaysia | - | - | - |
| West Mischief | BE | 2010 | 350 | 30,000 | Abu Dhabi | NDC 21 | Mar-16 | Sep-17 | See note 22 |
| AOD l | BE | 2013 | 400 | 20,000 | Saudi Arabia | Saudi Aramco | Jul-16 | Jun-19 | 102,900 |
| AOD ll | BE | 2013 | 400 | 20,000 | Saudi Arabia | Saudi Aramco | Jul-16 | Jun-19 | 102,900 |
| AOD lll | BE | 2013 | 400 | 20,000 | Saudi Arabia | Saudi Aramco | Jan-17 | Dec-19 | 102,900 |
| West Tucana | BE | 2013 | 400 | 30,000 | Sharjah | Sharjah | - | - | - |
| West Telesto | BE | 2013 | 400 | 30,000 | Malaysia | Petronas | Jul-17 | Oct-17 | Undisclosed |
| Options | Petronas | Oct-17 | Dec-17 | Undisclosed | |||||
| West Castor | BE | 2013 | 400 | 30,000 | Mexico | ENI 23 | Dec-16 | Dec-17 | 110,000 |
| Options | ENI 23 | Jan-18 | Dec-18 | 115,000 | |||||
| Options | ENI 23 | Jan-19 | Dec-19 | 121,000 | |||||
| West Oberon 5 | BE | 2013 | 400 | 30,000 | Mexico | PEMEX | May-14 | Aug-18 | 130,000 |
| Mexico | PEMEX | Sep-18 | Oct-22 | 171,500 | |||||
| West Titania 5 | BE | 2014 | 400 | 35,000 | Mexico | PEMEX | Jan-15 | Aug-18 | 130,000 |
| Mexico | PEMEX | Sep-18 | Oct-21 | 171,500 | |||||
| West Titan | BE | 400 | 30,000 | Under construction at Dalian | - | - | - | - | |
| West Proteus | BE | 400 | 30,000 | Under construction at Dalian | - | - | - | - | |
| West Rhea | BE | 400 | 30,000 | Under construction at Dalian | - | - | - | - | |
| West Hyperion | BE | 400 | 30,000 | Under construction at Dalian | - | - | - | ||
| West Tethys | BE | 400 | 30,000 | Under construction at Dalian | - | - | - | - | |
| West Umbriel | BE | 400 | 30,000 | Under construction at Dalian | - | - | - | - | |
| West Dione | BE | 400 | 30,000 | Under construction at Dalian | - | - | - | - | |
| West Mimas | BE | 400 | 30,000 | Under construction at Dalian | - | - | - | - |
| Rig type/Name | Generation/ | Built | Water depth | Drilling depth | Location | ||||
|---|---|---|---|---|---|---|---|---|---|
| type 1 | (feet) | (feet) | Current contract | ||||||
| Client | Start | Expire | Dayrate US\$ | ||||||
| Tender rigs | |||||||||
| T15 3 | Barge | 2013 | 6,500 | 30,000 | Thailand | Chevron | Jul-13 | Jul-19 | 110,000 |
| T16 3 | Barge | 2013 | 6,500 | 30,000 | Thailand | Chevron | Aug-13 | Aug-19 | 110,000 |
| West Vencedor 3 | Semi-tender | 2010 | 6,500 | 30,000 | Indonesia | Medco | Mar-17 | Nov-17 | 115,000 |
| Options | Medco | Nov-17 | Mar-18 | 115,000 | |||||
Footnotes: 1) HE - Harsh environment BE - Benign environment 2) Owned by North Atlantic Drilling Ltd in which Seadrill Limited owns 70.4 percent 3) Owned by Seadrill Partners in which Seadrill Limited owns 46.6 percent 4) Owned by Sevan Drilling Ltd in which Seadrill Limited owns 50.1 percent 5) Owned by SeaMex in which Seadrill Limited owns 50.0 percent 6) Includes MPD rental fee and provision of other services. 7) Daily rates partly received in Brazilian Real. Assumed US\$/BRZ foreign exchange rate 3.25 8) An element of the daily rate will be payable to our JV partner. 9) For West Eclipse a mobilization fee was received upfront. 10) On July 5, 2017, the delivery of the Sevan Developer was deferred to June 30, 2020 and the remaining installment of \$25.3 million was refunded. Cosco has the option to terminate the deferral period on July 1 2018 and again on July 1, 2019. 11) An MPD rental fee of \$15,000 per day will be payable for the duration of the contract. An additional dayrate premium is also payable for periods when the units MPD system is utilized. 12) An additional dayrate premium is payable for periods when the units MPD system is utilized. 13) For this well the rig will be assigned to work for Repsol Libreville, S.A. 14) For West Auriga a mobilization fee of US\$37.5 million will be received over the contract period. 15) For West Vela a mobilization fee of US\$37.5 million will be received over the contract period. 16) For West Neptune a mobilization fee of US\$37.5 million will be taken to income over the contract period. 17) For West Linus a mobilization fee of US\$24 million will be taken to income over the initial 5 year contract period. 18) Daily rates partly received in Norwegian kroner. Assumed NOK/US\$ foreign exchange rate 8.25 19) For West Linus we will receive an additional compensation of US\$12,430 per day over the initial 5 year contract period. 20) For West Ariel a rate of \$120,000 per day applies whilst the rig is in non-operating flotel mode. 21) The West Mischief received notice of early termination for convenience in January 2017. Under the terms of the contract the customer is required to provide 180 days notice period and a subsequent 30 days reimbursed at standby rate. 22) In May 2017 Seadrill announced that it had reached an agremment to sell the West Mischief to Shelf Drilling, the sale will be completed after the completion of current drilling contract. 23) West Castor rate includes the provision of certain onshore logistics services.
24) Option rate of \$206,000 applies for the 3 first option wells, thereafter the rate increases by \$5k/day per option for the remaining 4 option wells.
The information contained in this Fleet Update report (the "Information") is as of the date of the report only and is subject to change without notice to the recipient. Seadrill Limited assumes no duty to update any portion of the Information.
DISCLAIMER. NEITHER SEADRILL LIMITED NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED "AS IS."
No Unauthorized Publication or Use. All information provided by Seadrill Limited in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Seadrill Limited.
Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the client contracts are estimates only, and client contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Seadrill Limited. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Seadrill Limited. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in previous prospectus. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.