A Bermudian-based offshore drilling company has secured two contracts having an approximate aggregate value of $549 million with a state-owned Brazilian multinational corporation in the petroleum industry.

Seadrill Limited said that the deals with Petroleo Brasileiro SA, or Petrobras, are for the West Carina and West Tellus rigs for work on the Búzios field offshore Brazil.

The company added that both contracts have been signed on a three-year fixed-term basis, with expected commencement in September next year.

Seadrill said that the total contract value is inclusive of mobilisation revenue and additional services.

Stuart Jackson, chief executive officer of Seadrill, said: "We are delighted to continue our long association with Petrobras with the award of two three-year firm contracts for the West Carina and West Tellus on the Búzios field.

“Brazil is a strategically important market for the offshore sector and I am pleased that Seadrill will continue to play an increasingly significant role in the coming years."

Seadrill owns and/or operates 36 rigs, which include drillships, jack-ups and semi-submersibles.