Seadrill wins contracts worth $549M from Petrobras

  • Seadrill (OTCPK:SDRLF) says it has received contract awards totaling $549M from Petrobras (NYSE:PBR) at the Buzios field in Brazil's offshore pre-salt play.
  • Seadrill will provide its ultra-deepwater West Carina and West Tellus drillships on three-year fixed-term contracts, with expected commencement in September 2022.
  • The drillships are expected to be used to drill development wells at Buzios ahead of the next batch of large FPSO vessels that are due to enter operation in the field starting in 2024.
  • Higher crude oil prices recently lifted Petrobras to better than expected Q3 earnings.