Seadrill Ltd.’s 50:50 joint venture with Sonangol EP, Sonadrill Holding Ltd., has secured two contracts in Angola. The two deals are positioning the joint venture for long-term success, Seadrill said in a media release.
Seadrill said West Gemini secured a contract from Sonangol Exploracao & Producao SA for work in Angola with an estimated duration of 284 days, expected to begin in late 2025 or early 2026.
Meanwhile Sonangol Libongos was contracted by Azule Energy Angola BV with an estimated firm term of 525 days, plus priced options beyond this initial term. Seadrill said that the program is expected to commence offshore Angola in the third quarter of 2025 in direct continuation of the current contract.
“There are currently three drillships bareboat chartered into Sonadrill, a Seadrill-owned unit, the West Gemini, and two Sonangol-owned units, the Sonangol Libongos and Sonangol Quenguela”, Seadrill said. “Seadrill earns a management fee for providing management, operational and technical support to Sonadrill”.
For the second quarter, Seadrill reported management contract revenues of $65 million, a $4 million sequential increase. Seadrill said the increase reflected an increase in the daily management fee it has agreed for its services supporting Sonadrill.
Total operating revenues for the second quarter rose by $42 million to $377 million from $335 million for the previous quarter. The increase was mainly driven by contract revenues, which grew by $40 million to $288 million, according to Seadrill.
However, Seadrill reported a net loss of $42 million for the second quarter.
Operating expenses for the period increased by $54 million to $371 million.
To contact the author, email andreson.n.paul@gmail.com
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