Seadrill, Gulf Drilling International Form 50-50 Jackup Joint Venture in Qatar

Updated 2 years 1 month ago

Seadrill refers to the announcements made on May 1, 2019 in connection with the award of drilling contracts by Qatar Petroleum to Gulf Drilling International. Seadrill and GDI have entered into a 50-50 joint venture, GulfDrill, which will initially manage and operate 5 premium jackups in Qatar with Qatar Petroleum commencing throughout 2020.

The 5 firm well-based contracts will have staggered commencements throughout 2020 with initial terms concluding in 2023 & 2024 respectively. The total contract value is expected to be USD 656 million (including mobilization fees). Each contract has 5 single well options which could add up to an estimated 13.7 cumulative years of term and an additional contract value of USD 700 million. GulfDrill will initially bareboat charter the West Telesto and West Castor from Seadrill and has secured bareboat charters for three additional units from a third-party shipyard.