The assignment is for a firm period of nine months, with an option to extend for a further six months, and the contract value for the firm period is about $35m.

Commencement of the operations under the new contract is expected in the second quarter of this year, in direct continuation of the rig’s existing contract.

Seadrill Management CEO Alf Thorkildsen said that the company considers this contract as an excellent opportunity to further strengthening its relationship with PTTEP.

"This assignment improves the earnings visibility for our jack-ups," Thorkildsen said.