North Atlantic Drilling wins 10-year rig contracts with ConocoPhillips [Seeking Alpha]
NORTH ATLANTIC DRILLING LTD (NADL)
US:NYSE Investor Relations:
nadlcorp.com/investors
Company Research
Source: Seeking Alpha
Seadrill (NYSE: SDRL ) premarket as its North Atlantic Drilling (NYSE: NADL ) subsidiary secures 10-year contract awards with ConocoPhillips (NYSE: COP ) for the West Elara and West Linus jack-ups for work at the Ekofisk field offshore Norway. Total additional backlog for the new contract awards is estimated at $1.4B, excluding performance bonuses. The new West Elara contract, which is expected to begin in October 2017, includes a period of fixed dayrates until March 2020 and a market indexed rate applicable thereafter until October 2027. An existing contract for West Linus is extended from May 2019 until end of 2028 at a market indexed dayrate. Now read: ConocoPhillips: Everything Changes Now »
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