All rig market segments in West Africa are showing a projected shortage from now into 2008. The jackup fleet is fully booked throughout 2007, and while the standard semi market is relatively balanced at present, the contract backlog for deepwater units continues to grow. Newcomers into the region are securing exploration licenses for deepwater acreage and committing to drilling programs, which will put further pressure on the incumbent fleet. KOREA/NIGERIA: Total is believed to be the operator to have issued Seadrill a letter of intent for a five-year contract valued at around USD 970 million, including mobilization fees. The charter is understood to be for Total Nigeria's Usan deepwater requirement that was tendered for last year. It is thought newbuild drillship West Capella, which is currently under construction in Korea and scheduled for delivery in fourth quarter 2008, will undertake the work program.
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