The company Seadrill has finalized a transaction that secures its presence in one of the world’s most prolific regions. The contract extension for the West Polaris vessel is a direct capital injection and an operational guarantee that extends into the next decade for the company.
Seadrill and Petrobras formalize an agreement for the West Polaris vessel
The agreement reached with the Brazilian state-owned company Petrobras includes a 1,095-day extension for operations in the Búzios field, located in the Santos Basin. This reservoir is critical to Brazil’s crude oil production targets.
The decision to extend the West Polaris service ensures that Seadrill maintains an active and profitable fleet in a highly competitive market. This extension will officially begin in January 2028, allowing the company to achieve a level of revenue predictability that is uncommon in the offshore sector.
The increase of approximately $480 million in the backlog improves Seadrill’s financial health. Likewise, day rates have been adjusted to reflect the current valuation of ultra-deepwater drilling units.
For the period beginning in April 2026, the rate will be set at $409,200 per day, rising to $454,700 starting in April 2027. This rate structure demonstrates Petrobras’ confidence in the vessel’s and its crew’s operational efficiency.
This sixth-generation drillship features dual-activity technology that optimizes deepwater drilling and ultra-deepwater drilling times. When operating in Brazil’s pre-salt, the unit faces complex geological challenges that require experienced teams and advanced systems. The company has demonstrated its ability to extract resources safely and responsibly, maintaining quality standards that position it as a benchmark for national and integrated oil companies.
Source and photo: Seadrill