Total value for the firm portion of the contract is expected to be approximately US$380 million (inclusive of mobilisation, upgrades, and integrated services revenue) with a performance bonus providing meaningful incremental opportunity. The total contract value is contingent on the final investment decision by the partnership for Bacalhau. Commencement is expected in 1Q22.
The West Saturn has Seadrill’s existing, bespoke, managed pressure drilling (MPD) system already installed and in conjunction with Equinor and Seadrill's partners will receive further upgrades and enhancements in safety, efficiency and environmental control.
Human factor safety enhancements to red zone management will be automated through the use of AI-enabled safety technology Vision IQ. The efficiency of the drillship will be further enhanced through Seadrill’s Plato Performance solution.
In line with efforts to reduce emissions, the fuel consumption of the West Saturn is expected to be reduced by between 10-15% with the introduction of a combined hydrogen and methanol injection system along with other energy efficiency upgrades. Emissions of carbon dioxide (CO2) are expected to reduce by between 10-15%, and nitrous oxide (NOX) by between 30-80%.
Seadrill’s CEO, Stuart Jackson, commented: “This further broadening of our longstanding relationship with Equinor is a testament to the experience and consistent operational excellence of our team. The West Saturn’s planned upgrades are a key development in Seadrill’s innovation pipeline, as the adoption of new technologies will improve drilling efficiency and reduce the environmental footprint of Seadrill and our clients.”
“Today's announcement is an exciting new contract that builds on Seadrill's years of experience as a global player of scale and footprint. The West Saturn is a true example of a modern, state of the art drillship and showcases the best of Seadrill: our commitment to continuous innovation and our accomplished team.”
Matt Lyne, SVP Commercial at Seadrill, said: “We are thrilled to announce the new contract with Equinor. It's been a challenging period for the industry and our long standing client relationship has been a significant contributor in the award of this new four year contract, which could last up to eight years if all options are exercised. Brazil is undeniably one of the most important deepwater oil & gas basins in the world and we look forward to playing our role in the future of the industry in this key region.”
Read the latest issue of Oilfield Technology in full for free: Issue 1 2021
Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year. The issue then moves on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.
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Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/27042021/four-year-contract-for-seadrills-west-saturn-drillship-with-equinor-for-bacalhau-work/