Offshore deepwater drilling specialist Seadrill announced that it is advanced discussions regarding a new five-year contract for the drillship West Polaris (UDW drillship). The potential revenue for this new contract is approximately $1.16 billion.

In a press statement, Bermuda-based Seadrill said the contract will start in direct continuation of its existing assignment that is scheduled to be completed in October 2012.

West Polaris is currently contracted to ExxonMobil and operating off the coast of Nigeria, according to a fleet status report issued by Seadrill on May 14. West Polaris has been contracted to Exxon since the summer of 2008, when it was first used by the firm for drilling off Brazil.

A final agreement for the new contract is expected in July.

Source: Rigzone