Seadrill Ltd. has secured a four year firm contract for the West Saturn drillship on April 27 with Equinor Brasil Energia Ltda for work on the Bacalhau field in Brazil.
Total value for the firm portion of the contract is expected to be approximately $380 million (inclusive of mobilization, upgrades, and integrated services revenue) with a performance bonus providing meaningful incremental opportunity. The total contract value is contingent on the final investment decision by the partnership for Bacalhau. Commencement is expected in first-quarter 2022.
The West Saturn has Seadrill’s existing, bespoke, managed pressure drilling system already installed and in conjunction with Equinor and partners, will receive further upgrades and enhancements in safety, efficiency, and environmental control.
Human factor safety enhancements to red zone management will be automated through the use of Seadrill’s AI-enabled safety technology Vision IQ. The efficiency of the drillship will be further enhanced through Seadrill’s Plato Performance solution, driving continuous improvement in repetitive drilling activities whilst delivering consistent process execution and optimization of the drilling program with improved safety.
In line with the company’s efforts to reduce emissions, the fuel consumption of the West Saturn is expected to be reduced by between 10-15% with the introduction of a combined hydrogen and methanol injection system along with other energy efficiency upgrades. Emissions of carbon dioxide (CO2) are expected to reduce by between 10-15%, and Nitrous Oxide (NOx) by between 30-80%.
“This further broadening of our long-standing relationship with Equinor is a testament to the experience and consistent operational excellence of our team,” Stuart Jackson, Seadrill’s CEO, said. “The West Saturn’s planned upgrades are a key development in Seadrill’s innovation pipeline, as the adoption of new technologies will improve drilling efficiency and reduce the environmental footprint of Seadrill and our clients’.”
BP CEO Bernard Looney brushed aside investor concerns that BP might miss out on the rally because of its plan to slash oil output by 40% and grow its renewables output twentyfold by 2030 as part of its energy transition.
As one of the nation’s top renewable energy providers, Duke Energy plans to double its enterprise wide renewable portfolio to 16 gigawatts by 2025.
Devon Energy said reducing flared volumes, in particular, will play a key component in the company’s broader emissions reduction strategy to achieve net-zero greenhouse gas emissions by 2050