Seadrill secures 1,095-day contract extension for West Polaris drillship with Petrobras offshore Brazil

Offshore drilling contractor Seadrill secured a 1,095-day contract extension for its West Polaris ultra-deepwater drillship with Petrobras, adding approximately $480 million to its backlog. The extension will keep the drillship operating at the Búzios field in the Santos Basin, with operations continuing from January 2028 through January 2029. The contract includes updated day rates of $409,200 per day from April 1, 2026, to March 31, 2027, and $454,700 per day from April 1, 2027, to January 15, 2028. Seadrill CEO Samir Ali highlighted the deal's value in enhancing earnings visibility and strengthening its long-term partnership with Petrobras. The West Polaris, a sixth-generation dynamically positioned drillship delivered in 2008, will operate as part of Petrobras' ongoing deepwater drilling program.

Counterparts (2)

Offtaker

Petrobras

company

Petrobras is a Brazilian state-owned oil and gas major involved in the exploration, production, refining, and distribution of petroleum, natural gas, and derivatives. With a significant presence across Brazil, the company is actively expanding its focus on energy transition initiatives, including renewable fuels and nature-based solutions.

supplier

Seadrill

company

Seadrill is a global offshore drilling contractor operating a fleet of 12 rigs, specializing in harsh environment and deepwater drilling services for the oil and gas industry. Headquartered in Houston, USA, it is listed on NYSE and Euronext Oslo.