The EIC is thrilled to announce the Breakfast in Rio: Upstream Opportunities with Seadrill and Karoon Energy

Seadrill is a US-based offshore drilling company, focused on delivering deepwater drilling services to the global oil and gas industry.   

The company is currently involved in strategic projects in the main offshore markets — including Brazil, the Gulf of Mexico, and West Africa — supporting exploration and development operations in deep and ultra-deep waters with its modern fleet of drillships and jack-up rig.  

In the present time, Seadrill manages a fleet of six drillships operating in Brazilian waters, five of which are located in the Santos Basin.  

In late 2024, Seadrill secured two contracts with Petrobras after a competitive tender process. Both will last approximately three years and are expected to start in the first quarter of 2026. The first contract concerns the ultra-deepwater West Jupiter drillship. Additionally, the second one relates to the use of the ultra-deepwater West Tellus drillship in the Sépia and Atapu fields in the Santos Basin, off the coast of Brazil.  

Together, the two contracts represent nearly US$1bn in new business for Seadrill, reaffirming its strong position in the Brazilian offshore market. 

Karoon Energy Ltd. is an international oil and gas exploration and production company with assets in Brazil, the United States and Australia.

Recently, the company has reported progress in the development of the Neon field, located in the Santos Basin. Situated to the north-east of the Baúna field - Karoon's main asset in Brazil - Neon is already at the FEED stage and could start producing oil in 2029, if the schedule goes according to plan. The project is expected to become a new pillar for the company.

The initial plan calls for the use of a relocated FPSO with the capacity to process up to 50,000 b/d, enough to meet the field's peak production and allow for future expansions. In the first phase, the company is evaluating the installation of four subsea producing wells and a gas reinjection well.

At the same time, Karoon completed the acquisition of the Cidade de Itajaí FPSO, currently operating in the Baúna field, from Altera & Ocyan. The total value of the transaction was US$115 m, plus approximately US$8 m in transaction costs.Karoon is also conducting a tender process to hire a new service provider to take over support for the operation of the FPSO, with completion scheduled for mid-2025.