Seadrill (SDRL) announced Sonadrill Holding, its 50:50 joint venture with an affiliate of Sonangol, has been awarded two contracts, positioning the joint venture for long-term success. The West Gemini secured a contract with Sonangol Exploracao & Producao, S.A. for work in Angola with an estimated duration of 284 days, expected to begin in late 2025 or early 2026. The Sonangol Libongos received an award from Azule Energy Angola B.V. with an estimated firm term of 525 days, plus priced options beyond this initial term. 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 earns a management fee for providing management, operational and technical support to Sonadrill.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SDRL:
- Third Point boosts position in Nvidia, takes new stakes in Mr Cooper, Meta
- Seadrill Limited’s Earnings Call Highlights Strategic Growth
- Seadrill Limited: Strategic Positioning and Future Prospects Justify Buy Rating
- Seadrill Limited Reports Q2 2025 Financial Results
- Seadrill reports Q2 EPS (68c) vs $3.49 last year