As offshore drilling contractor Seadrill prepares to exit bankruptcy in early 2022, it will do so with a boatload of work in its order book.

Bermuda-based Seadrill reported in its latest fleet update on Monday that its total backlog, as of 31 September, was $2.1 billion, which is unchanged from its first half 2021 results.

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Highlights of the third quarter of 2021 were:

  • a four-well contract plus options with an undisclosed operator for the drillship West Gemini in Angola. The contract will start in November 2021;
  • Talos Energy secured a 90-day contract for the drillship West Neptune in the US Gulf of Mexico that is expected to commence in August 2022 in direct continuation of its current contract with Llog Exploration;
  • a one-well contract with Equinor for the drillship West Hercules in Canada. The contract will start in April 2022. Equinor also exercised another one-well option in Norway for the rig under a continuous optionality provision;
  • Shell exercised its options for the drillship West Tellus in Brazil, with the contract ending in July 2022. Petrobras on Friday revealed it had secured the West Tellus and the drillship West Carina under three-year contracts to carry out work at the Buzios field beginning September 2022;
  • Eni secured a one-well contract for the drillship Sevan Louisiana in the US Gulf of Mexico. The contract will start in late December 2021 and continue until late May 2022.

Reorganisation approved

Seadrill’s reorganisation plan was approved by the US Bankruptcy Court for the Southern District of Texas on 26 October 2021.

The plan raised $350 million in new financing and reduced the company’s liabilities by $4.9 billion to $700 million, leaving customer, trade and employee claims unaffected.

The reorganisation is expected to be complete in early 2022.

The company on 17 November announced a new, independent, seven-member board of directors of the new parent company of the Seadrill group, that will take their positions upon the company’s emergence from Chapter 11 bankruptcy.

Former Noble Corporation executive chairman Julie Robertson will join as chair of the board, while former Weatherford president and chief executive Mark McCollum will join as chair of the audit and risk committee for the new parent company.

Other members of the board will include Karen Dyrskjot Boesen, Jean Cahuzac, Jan Kjaervik, Andrew Schultz, and Paul Smith.