Seadrill Ltd, the Bermudian-based offshore drilling company, has added nearly $1 billion to its order backlog after agreeing two contracts with Petrobas, the state-owned Brazilian multinational.

The company said the ultra-deepwater drill ship, West Tellus, was awarded a 1,095-day contract for the Sépia and Atapu fields in the Santos Basin, offshore Brazil, following a competitive tender process.

The contract will contribute approximately $498 million to Seadrill’s order backlog, including additional services and excluding a mobilisation fee of $41 million.

The programme is expected to commence in the first quarter of 2026 and includes an optional period of up to 305 additional days.

Petrobras holds a 65.7 per cent stake in the shared Atapu field, a 55.3 per cent stake in the shared Sépia field and is the operator in both areas.

Seadrill said the ultra-deepwater drill ship, West Jupiter, was awarded a 1,095-day contract in Brazil, also following a competitive tender process.

The contract will contribute approximately $493 million to Seadrill’s order backlog, including additional services and excluding a mobilisation fee of $31.5 million.

The programme is expected to commence in the first quarter of 2026.

Seadrill president and chief executive Simon Johnson said: “With six drill ships in Brazil, Seadrill is well-positioned in a resilient deepwater market with industry leading contract durations providing unparalleled visibility to Seadrill’s future earnings profile.”

He added: “These fixtures provide approximately $1 billion of additional backlog and a meaningful uplift to earnings and free cashflow beginning in 2026.”

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Avance Gas Holding Ltd has delivered 11 ships out of the 12-strong fleet of very large gas carriers that it has sold to BW LPG Ltd in a $1.05 billion deal.

The Bermudian-based company engaged in the transportation of liquefied petroleum gas said its most recent delivery was of the 2015-built scrubber-fitted vessel, Monsoon.

In connection with the delivery, 1.35 million shares in BW LPG were issued by the buyer to Avance Gas.

Additionally, the company received net cash proceeds of approximately $22 million after repayment of outstanding debt.

Following the delivery, Avance Gas owns 17.141 million shares in BW LPG corresponding to a 10.91 per cent ownership share.

The last remaining VLGC, Avance Avior, to be delivered to BW LPG is scheduled for delivery on or about December 30 or 31, Avance said.

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Bermudian-based DHT Holdings Inc, the independent crude oil tanker company, has agreed to sell the DHT Scandinavia, a 2006-built very large crude carrier, for $43.4 million.

The company said it expected to deliver the vessel to its new owner in January.

It added that the vessel had no outstanding bank debt and the sale proceeds would be allocated to general corporate purposes.

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Borr Drilling Ltd, the Bermudian-based oilfield services company, has announced a new contract commitment for its premium jack-up rig Norve with a repeat customer in West Africa.

This work is in direct continuation of a contract with Marathon Oil and is estimated to commence in the third quarter of 2025.

The contract is for five wells firm, with an anticipated duration of 320 days, plus up to five optional wells at mutually agreed prices.

This commitment adds $58 million in contract revenue backlog, excluding options, mobilisation and demobilisation compensation.