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Norwegian oilfield service firm, Seadrill Limited (SDRL - Snapshot Report) has entered into a deal with Cardon IV Venezuela, a joint venture between Italy’s Eni SpA (E - Analyst Report) and Spain’s Repsol SA (REPYY).

Per the deal, West Freedom, a LT-Super 116E jack-up rig of Seadrill, will be used by Cardon IV for drilling activities off the coast of Venezuela. After the 30-month contract, Seadrill and Cardon IV will have the option to extend the agreement for six months at a rate agreed by both the companies. The expected revenues from the deal will be roughly $222.0 million, which includes $8.5 million for mobilization.

Seadrill reveals that the rig is presently employed at Qatar and is expected to be available by the latter half of Sep 2013.

On May 28, 2013, Seadrill reported its first-quarter earnings. Earnings per share came in at 69 cents, exceeding the Zacks Consensus Estimate of 59 cents by 16.9%. The better-than-expected result was owing to better utilization of rigs.

Based in Hamilton, Bermuda, Seadrill renders offshore drilling services, which include exploration, completion and maintenance of offshore wells; production and well maintenance; and well services to customers worldwide. The company is operating 61 units, which include jack-up rigs, semi-submersible rigs, drill ships and tender rigs.

Seadrill currently retains a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.

Meanwhile, in the oil and gas drilling sector, one firm with a favorable Zacks Rank is Ocean Rig UDW Inc. (ORIG - Snapshot Report). The stock currently retains a Zacks Rank #1 (Strong Buy).

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