Rig: West Pegasus

Name West Pegasus
Owner Seadrill Ltd
Manager Seadrill Ltd
Rig Type Semisub
Sub Type Ultradeep Water
Jackup Type --
Max Water Depth (ft) 10000
Max Drill Depth (ft) 35000
Dimensions (ft) 387 x 239 x 126
Leg Length (ft) --
Competitive Yes

Current Location

Country Norway
Region NWECS

Drilling Equipment

Drawworks Type National Oilwell Varco 1000
Drawworks HP 5750
Mud Pumps Type National Oilwell Varco 14-P-220 Triplex
Top Drive National Oilwell Varco HPS-1000
Hookload Capacity (lbs) 2000000

Rig Construction Details

Rig Design Moss Maritime
Rig Model CS-50 MkII
Year Built 2011
Country of Build Singapore
Yard Name Jurong Shipyard
Group Yard Name SembCorp Marine Ltd.

Rig Contract Details

Operating Status Ready Stacked
Operator --

Rig Images

News

22 Aug 2016

Seadrill Receives Notice of Contract Cancellation for the West Pegasus

Seadrill Limited ("SDRL" or "the Company") has received a notice of termination from Pemex Exploracion y Servicios ("Pemex") for the West Pegasus drilling contract (the "Contract") effective 16 August 2016. Seadrill has disputed the grounds for termination and is reviewing its legal options. During the second quarter of 2015 Seadrill signed a provisional commitment for a two year extension to the Contract with Pemex for the West Pegasus. In conjunction with the extension, the dayrate for the remaining term of the initial contract was reduced. The extension of the Contract was finalized during the first quarter of 2016. As part of this agreement, Seadrill and Seamex Limited ("Seamex"), our 50% owned joint venture with Fintech, agreed to reduce the dayrate on five jack-ups for a period of 365 days. The agreement to reduce the dayrates of the existing contracts was contingent upon final confirmation of the two year extension of the West Pegasus by Pemex management. In the event of termination, Seadrill and Seamex are entitled to recover the dayrate concessions as well as the demobilization for the West Pegasus. In addition, Seadrill will seek reimbursement of certain costs incurred in anticipation of the extension.

10 Jul 2014

Seadrill refinances three ultra-deepwater drillships

Hamilton, Bermuda, July 10, 2014 - Seadrill Limited ("Seadrill" or the "Company") has received commitments from 17 banks for a US$1.35 billion credit facility with a 5 year term and 10 year amortization profile to refinance the credit facilities secured by the West Pegasus, West Gemini, and West Orion. The transaction was initially launched as a US$900 million facility secured by two ultra-deepwater units. However, due to strong interest from the Company's banking group, the facility was upsized to US$1.35 billion by including one additional ultra-deepwater unit in the collateral package. The new loan will be priced at a margin of Libor plus 2% and was substantially oversubscribed, demonstrating the strength of Seadrill's credit in the banking market. This refinancing will provide Seadrill with US$350 million in additional cash. By concluding this transaction the Company will be left with one ultra-deepwater and four jack-up units to be refinanced in 2015 and one ultra-deepwater and four jack-up units in 2016, totalling US$1.2 billion to be refinanced. The Seadrill Group has gone to great lengths to diversify its sources of funding through opportunistic capital raises in the secured ECA, secured bank, unsecured bond, convertible bond, term loan B, and MLP markets. Having access to numerous markets reduces refinancing risk and leads to decreased cost of capital that ultimately maximizes value creation for shareholders. Seadrill's diversified funding strategy has resulted in the Company being in the best possible financial situation in the Company's history, with significant financial flexibility to support the dividend and prepared to act on potentially attractive acquisition opportunities created by the temporary weakness in the market. The Board is pleased with the significant progress made on the financing front over the last twelve months and wants to give credit to management for hard work and solid execution.

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