Seadrill Extends $480M Drillship Contract with Petrobras

The offshore drilling company will keep its West Polaris rig working for the Brazilian oil giant through the next decade.

Apr. 6, 2026 at 12:46pm

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Seadrill, a New York-listed offshore drilling company, has secured a 1,095-day contract extension for its ultra-deepwater drillship West Polaris to continue operations for Petrobras in the Búzios field off the coast of Brazil.

Why it matters

This long-term contract extension is a significant win for Seadrill, providing stability and revenue for the company as it navigates the volatile offshore drilling market. The Búzios field is one of Petrobras' most important deepwater assets, underscoring the value Seadrill's rig brings to the Brazilian oil giant's operations.

The details

Under the new contract, Seadrill's West Polaris drillship will continue working for Petrobras in the Búzios field, located in the Santos Basin off the coast of Brazil. The 1,095-day extension, valued at $480 million, will keep the rig actively drilling for Petrobras through the next decade.

  • Seadrill secured the contract extension in April 2026.

The players

Seadrill

A New York-listed offshore drilling company that provides drilling rigs and services to oil and gas companies worldwide.

Petrobras

Brazil's state-owned oil and gas company, one of the largest in the world and a major player in the country's offshore energy industry.

West Polaris

Seadrill's ultra-deepwater drillship that will continue operations for Petrobras in the Búzios field off the coast of Brazil.

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The takeaway

This contract extension solidifies Seadrill's position as a key provider of offshore drilling services to Petrobras, one of the world's largest national oil companies. It demonstrates the ongoing demand for high-specification rigs capable of operating in challenging deepwater environments.