Hamilton, Bermuda, July 3, 2014 - Seadrill Limited ("Seadrill") and SapuraKencana Petroleum Berhad ("SapuraKencana") today announced that their jointly owned entity Sapura Navegação Marítima ("SNM") has commenced operations of its first pipe-laying support vessel ("PLSV") - Sapura Diamante - for Petroleo Brasileiro S.A., Brazil, ("Petrobras"). The contract is for a period of five years with an extension option for an additional five years. Total revenue potential for the firm contract period is estimated at US$445 million.
Per Wullf, Seadrill CEO commented, "The commencement of the vessel Sapura Diamante represents the first of six units contracted with Petrobras under the SNM joint venture and is a testament to the efforts of our partnership with SapuraKencana.
Through the successful cooperation between Seadrill, SapuraKencana, and IHC Merwede we have been able to commence operations three months ahead of schedule, demonstrating our commitment to deliver high quality units that are focused on safe and efficient operations. The resulting growth in our operating fleet in Brazil highlights our intent to increase our footprint in the region and continue developing strong local presence in the South American market."
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
