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Seadrill Limited — Management Reports 2018
Apr 12, 2018
9186_10-k_2018-04-12_207b6c8b-988a-43e8-bf15-a481a78d57b6.pdf
Management Reports
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Seadrill Limited
| Rig type/Name | Generation/ type 1 |
Built | Water depth (feet) |
Drilling depth (feet) |
Location | Current contract Previous |
|||
|---|---|---|---|---|---|---|---|---|---|
| Client | Start | Expire | Dayrate US\$ | ||||||
| Semi-submersibles | |||||||||
| West Alpha 2 | 4th-HE | 1986 | 2,000 | 23,000 | Norway | - | - | - | - |
| West Venture 2 | 5th-HE | 2000 | 2,600 | 30,000 | Norway | - | - | - | - |
| West Phoenix 2 | 6th-HE | 2008 | 10,000 | 30,000 | UK | Anasuria | May/18 | Jul/18 | Undisclosed |
| Norway | Statoil 5 | Jul/18 | Sep/18 | Undisclosed | |||||
| UK | Statoil | Oct/18 | Dec/18 | Undisclosed | |||||
| Options | VNG5 | Aug/19 | Dec/19 | Undisclosed | |||||
| Norway | VNG5 | Jan/20 | Oct/20 | Undisclosed | |||||
| Options | VNG5 | Oct/20 | Mar/21 | Undisclosed | |||||
| West Hercules | 6th-HE | 2008 | 10,000 | 35,000 | UK | Siccar Point Energy | Apr/18 | Jul/18 | Undisclosed |
| Norway | Statoil 5 | Aug/18 | Dec/18 | Undisclosed | |||||
| West Taurus | 6th-BE | 2008 | 10,000 | 35,000 | Spain | - | - | - | - |
| West Eminence | 6th-HE | 2009 | 10,000 | 30,000 | Spain | - | - | - | - |
| Sevan Driller 3 | 6th-BE | 2009 | 10,000 | 40,000 | Malaysia | - | - | - | - |
| West Orion | 6th-BE | 2010 | 10,000 | 35,000 | Malaysia | - | - | - | - |
| West Pegasus | 6th-HE | 2011 | 10,000 | 35,000 | Spain | - | - | - | - |
| West Eclipse | 6th-BE | 2011 | 10,000 | 40,000 | Angola | ExxonMobil 8, 9 | Jun/16 | Jun/18 | 340,000 |
| Sevan Brasil 3 | 6th-BE | 2012 | 10,000 | 40,000 | Brazil | Petrobras 7 | Jul/12 | Jul/18 | 265,000 |
| Sevan Louisiana 3 | 6th-BE | 2013 | 10,000 | 40,000 | GoM | - | - | - | - |
| Sevan Developer 3, 4 | 6th-BE | 10,000 | 40,000 | Under construction at COSCO | - | - | - | - | |
| Drillships | |||||||||
| West Navigator 2 | Ultra-deepwater | 2000 | 7,500 | 35,000 | Norway | - | - | - | - |
| West Gemini | Ultra-deepwater | 2010 | 10,000 | 35,000 | Angola | ENI8 | Jan/18 | Jul/18 | Undisclosed |
| Options | ENI8 | Jul/18 | Oct/18 | Undisclosed | |||||
| 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 | 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 | Feb/18 | Jun/18 | 206,000 |
| Options10 | Statoil6,7 | 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 |
Seadrill Limited
| Rig type/Name | Generation/ type 1 |
Built | Water depth (feet) |
Drilling depth (feet) |
Location | Current contract Previous |
|||
|---|---|---|---|---|---|---|---|---|---|
| Client | Start | Expire | Dayrate US\$ D |
||||||
| Jack-ups | a | ||||||||
| West Epsilon 2 | Heavy-duty - HE | 1993 | 400 | 30,000 | Norway | - | - | - | - |
| West Elara 2 | Heavy-duty - HE | 2011 | 450 | 40,000 | Norway | ConocoPhillips 5 | May/18 | Oct/18 | 95,000 - |
| Norway | ConocoPhillips 5 | Oct/18 | Mar/20 | 195,000 | |||||
| Norway | ConocoPhillips 5 | Apr/20 | Sep/27 | Market indexed rate | |||||
| West Linus 2 | Heavy-duty - HE | 2014 | 450 | 40,000 | Norway | ConocoPhillips 5,13,14 | Apr/18 | May/19 | 205,000 - |
| Norway | ConocoPhillips 5 | Jun/19 | Dec/28 | Market indexed rate | |||||
| West Prospero | BE | 2007 | 400 | 30,000 | Malaysia | - | - | - | - |
| West Vigilant | BE | 2008 | 350 | 30,000 | Malaysia | - | - | - | - |
| West Ariel | BE | 2008 | 400 | 30,000 | Sharjah | - | - | - | - |
| West Cressida | BE | 2009 | 375 | 30,000 | Malaysia | - | - | - | - |
| Thailand | Ophir | Jul/18 | Sep/18 | Undisclosed | |||||
| Options | Ophir | Sep/18 | Oct/18 | Undisclosed | |||||
| Thailand | - | - | - | - | |||||
| Options | Ophir | Jul/19 | Feb/20 | Undisclosed | |||||
| West Freedom | BE | 2009 | 350 | 30,000 | Colombia | - | - | - | - |
| 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 | - | - | - | - |
| West Castor | BE | 2013 | 400 | 30,000 | Mexico | ENI | Jan/18 | Jun/18 | Undisclosed |
| Options | ENI 11,12 | Jul/18 | Dec/18 | Undisclosed | |||||
| 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 | - | - | - | - |
| West Telesto | BE | 2013 | 400 | 30,000 | India | Schlumberger | Apr/18 | Sep/18 | Undisclosed |
| Options | Schlumberger | Oct/18 | Dec/19 | Undisclosed | |||||
| West Titan | BE | 400 | 30,000 | Under construction at Dalian17 | - | - | - | - | |
| West Proteus | BE | 400 | 30,000 | Under construction at Dalian17 | - | - | - | - | |
| West Rhea | BE | 400 | 30,000 | Under construction at Dalian17 | - | - | - | - | |
| West Hyperion | BE | 400 | 30,000 | Under construction at Dalian17 | - | - | - | ||
| West Tethys | BE | 400 | 30,000 | Under construction at Dalian17 | - | - | - | - | |
| West Umbriel | BE | 400 | 30,000 | Under construction at Dalian17 | - | - | - | - | |
| West Dione | BE | 400 | 30,000 | Under construction at Dalian17 | - | - | - | - | |
| West Mimas | BE | 400 | 30,000 | Under construction at Dalian17 | - | - | - | - | |
Seadrill Partners LLC*
| Rig type/Name | Generation/ type 1 |
Built | Water depth (feet) |
Drilling depth (feet) |
Location | Current contract Previous |
|||
|---|---|---|---|---|---|---|---|---|---|
| Client | Start | Expire | Dayrate US\$ | ||||||
| Semi-submersibles | |||||||||
| West Sirius | 6th-BE | 2008 | 10,000 | 35,000 | GoM | - | - | - | - |
| West Aquarius | 6th-HE | 2009 | 10,000 | 35,000 | Canada | BP | Apr/18 | Aug/18 | 260,000 |
| West Capricorn | 6th-BE | 2011 | 10,000 | 35,000 | GoM | BP | Jul/17 | Jul/19 | 526,000 |
| West Leo | 6th-HE | 2012 | 10,000 | 35,000 | Spain | - | - | - | - |
| Drillships | |||||||||
| West Polaris | Ultra-deepwater | 2008 | 10,000 | 35,000 | Spain | - | - | - | - |
| West Capella | Ultra-deepwater | 2008 | 10,000 | 35,000 | Aruba | Repsol | Jun/18 | Jul/18 | Undisclosed |
| West Auriga | Ultra-deepwater | 2013 | 12,000 | 40,000 | GoM | BP 15 | Oct/13 | Oct/20 | 562,000 |
| West Vela | Ultra-deepwater | 2013 | 12,000 | 40,000 | GoM | BP 16 | Nov/13 | Nov/20 | 564,000 |
| Tender rigs | |||||||||
| T15 | Barge | 2013 | 6,500 | 30,000 | Thailand | Chevron | Jul/13 | Jul/19 | 110,000 |
| T16 | Barge | 2013 | 6,500 | 30,000 | Thailand | Chevron | Aug/13 | Aug/19 | 110,000 |
| West Vencedor | Semi-tender | 2010 | 6,500 | 30,000 | Malaysia | - | - | - | - |
*Non-consolidated units managed by Seadrill Limited
SeaMex Limited*
| Rig type/Name | Generation/ type 1 |
Built | Water depth (feet) |
Drilling depth (feet) |
Location | Current contract Previous |
|||
|---|---|---|---|---|---|---|---|---|---|
| Client | Start | Expire | Dayrate US\$ | ||||||
| Jack-ups | |||||||||
| West Defender | BE | 2007 | 350 | 30,000 | Mexico | PEMEX | Aug/14 | Aug/18 | 116,000 |
| Mexico | PEMEX | Sep/18 | Jan/23 | 155,500 | |||||
| West Courageous | BE | 2007 | 350 | 30,000 | Mexico | PEMEX | Sep/14 | Aug/18 | 116,000 |
| Mexico | PEMEX | Sep/18 | Nov/23 | 155,500 | |||||
| West Intrepid | BE | 2008 | 350 | 30,000 | Mexico | PEMEX | May/14 | Aug/18 | 116,000 |
| Mexico | PEMEX | Sep/18 | May/23 | 155,500 | |||||
| West Oberon | BE | 2013 | 400 | 30,000 | Mexico | PEMEX | May/14 | Aug/18 | 130,000 |
| Mexico | PEMEX | Sep/18 | Oct/22 | 171,500 | |||||
| West Titania | BE | 2014 | 400 | 35,000 | Mexico | PEMEX | Jan/15 | Aug/18 | 130,000 |
| Mexico | PEMEX | Sep/18 | Oct/21 | 171,500 |
*Non-consolidated units managed by Seadrill Limited
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 Sevan Drilling Ltd in which Seadrill Limited owns 50.1 percent 4) Sevan Drilling retain an option to purchase the Sevan Developer 5) Daily rates partly received in Norwegian kroner. Assumed NOK/US\$ foreign exchange rate 8.25 6) Includes MPD rental fee and provision of other services. An additional dayrate premium is payable for periods when the unit`s MPD system is utilized. 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) 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. 11) Option solely contingent on CNH approval 12) West Castor rate includes the provision of certain onshore logistics services. 13) For West Linus a mobilization fee of US\$24 million will be taken to income over the initial 5 year contract period. 14) For West Linus we will receive an additional compensation of US\$12,430 per day over the initial 5 year contract period. 15) For West Auriga a mobilization fee of US\$37.5 million will be received over the contract period. 16) For West Vela a mobilization fee of US\$37.5 million will be received over the contract period.
17) Certain entities consolidated by Seadrill Limited have purchase commitments for eight jack-up rigs under construction at Dalian
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.