SeaDrill secures $178 million drilling contract from ConocoPhillips

Bermuda-based company SeaDrill Limited said Thursday it had secured a letter of intent worth US$178 million to carry out a three-year development drilling project at ConocoPhillips? upstream operation in Indonesia.

SeaDrill said the contract is scheduled to start in the fourth quarter of 2008 or the first quarter of 2009.

?The final contract is subject to agreement on contractual terms as well as Indonesian governmental approval,? SeaDrill said in a statement, adding that it has the option to use either West Berani or West Setia for this assignment. (Robert)