HAMILTON, Norway, June 21, 2006 (PRIMEZONE) -- SeaDrill (Other OTC:SDRLF) (Oslo:SDRL) has entered into an agreement with Malaysia Marine & Heavy Engineering Sdn Bnd for the purpose of building a new self erecting tender rig, T-11. The new barge unit is scheduled for delivery in the fourth quarter 2008, and capital expenditure is estimated to approximately US $100 million, including the derrick equipment set. SeaDrill's ownership share is 100 percent.
The tender rig will be based on a similar design and same specifications as SeaDrill's T-10, with enhanced drilling capabilities allowing for parallel activities and high drilling efficiency. The new unit will be particularly well suited for production drilling in selected shallow and deepwater areas.
"This investment reinforces our position as the leading tender rig operator and will further expand our activities in one of the fastest growing energy markets in the world," says CEO Kjell E Jacobsen in SeaDrill Management AS.
SeaDrill Limited Hamilton, Bermuda June 21, 2006