SDRL - Seadrill Cancels the West Mira Construction Contract
(Thomson Reuters ONE) -
Hamilton, Bermuda, September 15, 2015 - Seadrill Limited ("Seadrill" or "The
Company""), has notified Hyundai Heavy Industries Co Ltd. ("the Shipyard") that
it has exercised its right to cancel the contract for the construction of the
West Mira, a sixth generation ultra-deepwater harsh environment semisubmersible
drilling unit ("West Mira" or "the Unit").
The Unit was ordered during the second quarter of 2012 and the delivery date
stated in the construction contract was by December 31, 2014. Due to the
Shipyard's inability to deliver the Unit within the timeframe required under the
contract, the Company has exercised its cancellation rights.
Under the contract terms, Seadrill has the ability to recoup the $168 million in
pre-delivery instalments to the Shipyard, plus accrued interest.
In the fourth quarter of 2012 Seadrill was awarded a 5 year contract for the
West Mira with Husky Oil Operations Limited ("Husky") for operations in Canada
and Greenland. As stated in the Company's second quarter earnings report, due
to the late delivery of the Unit, the Company had tentatively agreed with Husky
to reduce the dayrate of the West Mira drilling contract. Seadrill remains in
discussions with Husky to find an alternative solution to meet its drilling
requirements.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. In particular, statements
regarding the Company's ability to complete the Polaris Acquisition and the
anticipated total value proposition are considered forward looking statements.
These statements are made based upon management's current plans, expectations,
assumptions and beliefs concerning future events impacting the Company and
therefore involve a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed or implied in the
forward-looking statements, which speak only as of the date of this news
release. Consequently, no forward-looking statement can be guaranteed. When
considering these forward-looking statements, you should keep in mind the risks
described from time to time in the Company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 20-F (File No.
001-34667). The Company undertakes no obligation to update any forward looking
statements to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time, and it is not possible for the Company to
predict all of these factors. Further, the Company cannot assess the impact of
each such factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially different from
those contained in any forward looking statement.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via GlobeNewswire
[HUG#1952132]
Unternehmensinformation / Kurzprofil:
Datum: 15.09.2015 - 13:14 Uhr
Sprache: Deutsch
News-ID 420173
Anzahl Zeichen: 4049
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SDRL - Seadrill Cancels the West Mira Construction Contract"
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