Seadrill secures letter of intent for ultra-deepwater drillship

Seadrill has been awarded a letter of intent by a major oil company for international explorations activities with the ultra-deepwater drillship West Polaris (Mosvold I). The contract has a firm duration of three years and estimated contract value is approximately US$ 570 million. West Polaris is currently under construction at Samsung Shipyard in South Korea and is scheduled for delivery at the end of the second quarter 2008.