Seadrill, the world’s biggest offshore driller by market capitalisation, has secured a two-year contract with Esso Exploration and Production Nigeria Limited, an ExxonMobil subsidiary, for one of its newly built rigs.

In a statement on Friday the firm said the contract is for a firm period of two years plus a one year option and has a total revenue potential for Seadrill and Field Offshore Design Engineering Nigeria Limited for the primary contract term of approximately US$497 million, inclusive of mobilization.

The rig, under construction by Samsung Heavy Industries, will be delivered in September. The unit will initially be outfitted to work in up to 10,000 ft. of water and is capable of handling two BOP’s, operating in up to 12,000 ft. of water and drilling depths up to 40,000 ft.

Per Wullf, Seadrill CEO commented, “We are very pleased to be chosen by ExxonMobil, its partners, and Field Offshore Design Engineering Nigeria Limited for this important project. The West Saturn is Seadrill’s third rig in Nigeria, working alongside the West Jupiter and West Capella. The expansion of our presence in Nigeria is a result of our best in class operating standards, employees, and assets. We are proud to expand our business with these key customers and look forward to continued successful working relationships.”