West Auriga

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Seadrill sells West Auriga drillship to subsidiary Seadrill partners

12 March 2014

Seadrill revealed Tuesday that it has entered into an agreement with Seadrill Partners pursuant to which the Company will sell to Seadrill Capricorn Holdings LLC, Seadrill Partners' 51 percent owned subsidiary (Capricorn Holdings), all of the ownership interests in the entities that own and operate the drillship, the West Auriga (the "Auriga Acquisition"). The Company owns the remaining 49 percent interest in Capricorn Holdings. The Auriga Acquisition, which is expected to close within 30 days, will be accomplished through a series of purchases, contributions and assumptions of debt and is subject to the satisfaction of certain closing conditions.

The West Auriga (UDW drillship) is a 6th generation, dynamically positioned drillship delivered from the Samsung shipyard to its current customer, BP, in October 2013. The West Auriga is expected to carry out operations in the US Gulf of Mexico until the end of its contract in October 2020 at a dayrate of $565,000 per day, excluding approximately $37,500 per day payable by the customer over the term of the contract relating to mobilization, variation orders and other special and standby rates.

The implied sale price of the Auriga Acquisition is $1.24 billion, less $443.1 million outstanding under the facility related to the West Auriga. In addition, Capricorn Holdings intends to issue a $100 million zero coupon limited recourse discount note to the Company that matures in September 2015. Upon maturity of such note, Seadrill Capricorn Holdings LLC will repay $103.7 million to the Company. Based on the Seadrill Partners' 51 percent ownership of Seadrill Capricorn Holdings, its portion of the net purchase price after debt will be $355.4 million.

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Aquadrill Announces Charter Hire Agreement for the Auriga

September 21, 2021- Aquadrill LLC ("Aquadrill" or the "Company") has entered into a charter hire agreement with a subsidiary of Diamond Offshore Drilling, Inc. (the "Manager") to provide the Auriga for a one year drilling contract plus a one year mutually agreed option for operations in the US Gulf of Mexico. The charter hire agreement will be extended if the parties mutually agree to exercise the optional term.

The terms of the charter hire agreement are consistent with the current management services agreements in place between the Company and the Manager. Further, the resulting financial benefits are as if the Company had entered into the drilling contract directly.

Under the drilling contract associated with the charter hire agreement, the Auriga will be upgraded with managed pressure drilling capabilities.

The total contract value for the firm portion of the drilling contract is expected to be $94 million and commencement is expected in February 2022 following reactivation, upgrade, contract preparation and system integration testing.

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Aquadrill extends charter hire agreement for Auriga drillship

12 Aug 2022

Aquadrill LLC has extended the charter hire agreement for the Auriga rig with a subsidiary of Diamond Offshore Drilling Inc. after reaching an agreement on the one-year mutually agreed option in the current underlying drilling contract.

Under the terms of the extension, the Auriga rig will be provided for a one-year drilling contract plus a one-year mutually agreed option for operations in the US Gulf of Mexico. The charter hire agreement will be extended if the parties mutually agree to exercise the optional term.

The terms of the charter hire agreement are consistent with the current management services agreements in place between Aquadrill and Diamond Offshore. Further, the resulting financial benefits for Aquadrill are as if the company had entered into the drilling contract directly.

The total contract value for the firm portion of the drilling contract is expected to be $150 million.

Commencement is expected in March 2023 in direct continuation with the current drilling contract.

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Seadrill Announces Contracts for West Auriga and West Polaris in Brazil

HAMILTON, Bermuda--(BUSINESS WIRE)--December 22, 2023-- Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) today announced that Petrobras has awarded 1,064-day fixed-term contracts to each of the West Auriga and the West Polaris following a competitive bidding process. The contracts are expected to commence in the fourth quarter of 2024 and represent total contract value of approximately $1.1 billion, inclusive of additional services and mobilization fees. The West Auriga and the West Polaris will transition to Seadrill from the existing third-party managers before undertaking the campaigns with Petrobras.

Commenting on the awards, Simon Johnson, Seadrill’s President & Chief Executive Officer, stated, “We have secured long-term contracts for the West Auriga and the West Polaris alongside our four high-specification drillships already working in Brazil. Petrobras are an important and longstanding customer for Seadrill. We are excited to expand our contractual relationship with them and increase our rig count in this key geography.”

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Seadrill Provides Commercial Updates on West Vela, West Capella, and West Auriga

HAMILTON, Bermuda--(BUSINESS WIRE)-- January 29, 2024-- Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) announces multiple contract awards totalling approximately $97.5 million in value, in addition to an update on the West Auriga.

Talos Production Inc. has awarded the West Vela a contract with an estimated duration of 150 days in the U.S. Gulf of Mexico. The contract is expected to commence in the third quarter of 2024 and represents a total contract value of approximately $73.5 million, excluding managed pressure drilling (MPD) services.

The operator of the West Capella exercised a one-well option with the existing third-party manager, extending its operations by approximately two months. The contract is in direct continuation of the rig’s current program and represents a total contract value of approximately $24.0 million.

Seadrill has been advised by the current manager of the West Auriga that the rig will be released in February 2024 due to changes in their client's drilling sequence. This enables Seadrill to resume management of the rig in the first quarter of 2024, accelerate preparation for its previously-announced contract in Brazil beginning in the second half of 2024, and more quickly achieve synergies from the 2023 acquisition of Aquadrill.

Simon Johnson, Seadrill's President & Chief Executive Officer, remarked, “It is a pleasure to extend our contractual relationship with our longstanding client, Talos Energy. We also look forward to getting Seadrill coveralls back onboard the West Auriga.”