Sonadrill – a joint venture between Angolan state-owned entity, Sonangol and Bermuda-based global drilling solutions firm, Seadrill – has secured a $327 million extension contract for the provision of its Lobingos drillship in Angola.
Sonadrill’s Lobingos rig will be leveraged to drill 12 more wells at a rate of $402,500 per day over a period of 25 months as from the fourth quarter of 2022 as part of the contract.
The rig has been in operation in Angola since December 2020 and was utilized by major Eni, in its discovery of light oil in Block 15/06 in 2021.
The development comes as Angola – Africa’s largest producer of crude oil – seeks to expand exploration activities to address its depleting output due to natural declines in legacy projects.
Simon Johnson, CEO, Seadrill, said: “Sonadrill remains strategically important for the development of the Angolan oil and gas sector. Sonadrill is the number one rig operator in Angola and this new contract will generate significant free cash flow for the joint venture which will ultimately flow to Seadrill and Sonangol as shareholders.”