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by cosu sacelo manager

Seadrill's West Mira Contract Shows Strength In Ultra Seadrill Ltd. (NYSE:SDRL) announced earlier this week that it received a Letter of Award for the use of the newbuild ultradeepwater semisubmersible West Mira from Husky Oil (OTCPK:HUSKF). This Valentino Studded Sandals fiveyear assignment will be in Greenland and Canada and will produce total estimated potential revenue of $1.18 billion including the performance Valentino Slingback Pumps Sale bonus and mobilization fee. The rig itself is still under construction and is expected to be delivered in the fourth quarter of 2014. The rig will start work on this contract during the second quarter of 2015. This contract serves to illustrate the continuing strength of the offshore drilling market, particularly in the harsh environment and ultradeepwater segments.

The West Mira is a 2014built sixthgeneration ultradeepwater semisubmersible drilling rig. This makes the Valentino Rockstud Pumps rig one of the newest in either Seadrill's fleet or anywhere in the Valentino Sneakers Sale world. The rig uses the Moss Maritime Moss CS60 design, the latest design in the widely used and respected Moss Maritime CSseries. military. West Mira is capable of drilling wells up to 40,000 feet deep in up to 10,000 feet of water. This makes the rig not only one of the most technically capable semisubmersibles in Seadrill's fleet but one of the most technically capable rigs in the world. The rig is also equipped with sophisticated safety gear including two six ram blowout preventers. These devices should help to prevent disasters such as the 2010 Macondo oil spill in the Gulf of Mexico. The West Mira is also outfitted for operating in harsh environments such as the North Sea or Arctic regions. Harsh environment rigs are in extremely high demand according to companies such as Noble Corp. (NYSE:NE), which discussed this demand during its second quarter conference call. This wave of interest is being fueled by new developments in the North Sea as well as new discoveries in areas such as the Barents Sea and other Arctic areas. West Mira is one of ten such semisubmersibles in Seadrill's fleet. Eight of these are relatively new rigs that were built after 2008. These newer rigs are preferred by oil companies due to having better performance and safety equipment than older rigs.

As previously mentioned, the contract with Husky includes total potential revenue of $1.18 billion over the five year period. This works out to $646,600 per day. Please note that this is total Valentino Flats contract revenue and is not, strictly speaking, Valentino Shoes dayrate. The actual contractual dayrate is lower. This is because that $646,600 figure includes both the mobilization fee and the performance bonus. The mobilization fee is intended to compensate the offshore drilling company for both the time and expense incurred in getting the rig into position and ready to operate. Thus, I view payments like this as reimbursement for expenses and not as new money coming into the firm in the same way that revenue for the rig's work would be. From an accounting standpoint, however, this difference does not really matter. The mobilization fee is amortized over the term of the contract so it is counted as revenue in the same way that dayrate is.

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