John Fredriksen’s Seadrill Limited has formed a joint venture with Gulf Drilling International (GDI), following the award of a contract to GDI in May by Qatar Petroleum.
The 50:50 joint venture, named GulfDrill, will manage and operate five jackup rigs in Qatar with Qatar Petroleum from 2020.
The five contracts have staggered commencements throughout 2020, and are worth in the region of $656m. Further options are available, and are worth up to an additional $700m.
GulfDrill will initially bareboat charter the West Telesto and West Castor from Seadrill and have secured bareboat charters for three additional jackups from a third-party shipyard.
Anton Dibowitz, CEO of Seadrill, commented: “We are excited to establish a significant presence in an important Jackup market and to partner with GDI. GulfDrill will give us the opportunity to improve our access to a market that is expected to
show significant growth over the next years and strengthen our relationship with Qatar Petroleum.”