Seadrill Wins Contract from Petrobras for West Tellus

19 December 2024

(Image credit: Seadrill)

Seadrill has announced that the ultra-deepwater drillship, West Tellus, was awarded a 1,095-day contract for the Sépia and Atapu fields in the Santos Basin, offshore Brazil, following a competitive tender process. The contract, awarded by Petrobras, will contribute approximately $498 million to Seadrill’s order backlog, including additional services and excluding a mobilization fee of $41 million. The program is expected to commence in the first quarter of 2026 and includes an optional period of up to 305 additional days. Petrobras holds a 65.7% stake in the shared Atapu field and a 55.3% stake in the shared Sépia field and is the Operator in both areas.

“This contract and the recently announced award for West Jupiter deepens our relationship with a key customer at the heart of the deepwater market,” said President and Chief Executive Officer Simon Johnson. “These fixtures provide approximately $1 billion of additional backlog and a meaningful uplift to earnings and free cash flow beginning in 2026.”