Seadrill (NYSE: SDRL) shares are trading higher after the company announced a contract extension for AOD II and AOD III in the Middle East, in direct continuation of their current contracts.
Seadrill is a deepwater drilling contractor for the petroleum industry headquartered in Bermuda.
The total contract value is expected to be approximately $98 million and $101 million, respectively.
Seadrill shares were trading up 16.88% at $2.77 in Tuesday’s pre-market session. The stock has a 52-week high of $11.48 and a 52-week low of 91 cents.