Seadrill, GDI form JV for Qatar operations

UK’s Seadrill and Qatar’s Gulf Drilling International (GDI) have entered into a 50:50 joint venture following the award of drilling contracts to GDI by Qatar Petroleum earlier this year.

The GulfDrill joint venture will initially manage and operate five premium jack-ups in Qatar with Qatar Petroleum commencing throughout 2020.

The five firm well-based contracts will have staggered commencements throughout 2020 with initial terms concluding in 2023 and 2024 respectively.

The total contract value is expected to be US$656 million including mobilisation fees. Each contract has five single-well options which could add up to an estimated 13.7 cumulative years of term and an additional contract value of US$700 million.

GulfDrill will initially bareboat charter West Telesto (pictured) and West Castor from Seadrill and has secured bareboat charters for three additional vessels from a third-party shipyard.