Signing of a Long-Term Lease with Seadrill

Port Of Iberia signing of a long-term lease with SeadrillNEW IBERIA, LA
MAY 29, 2020

The Port of Iberia announced the signing of a long-term lease with Seadrill, a world-class deepwater drilling contractor, to establish a shorebase for their Western Hemisphere operations.  The 10-year lease will include three additional 10-year lease options.  This shorebase will maintain an inventory of parts and components for drill ships across the world.  Seadrill operates over 50 drill ships, primarily overseas, and spends $1 Billion a year in operations.

According to Port of Iberia Executive Director, Craig Romero, the 60-acre lease received Foreign Trade Zone designation from the U.S. Department of Commerce which was vital for Seadrill to consider the Port of Iberia. This will allow Seadrill to bring in equipment by their ships from foreign locations for repair or maintenance and ship back without any tax liabilities.  “Without the Foreign Trade Zone designation, this work would be done outside of the United States,” stated Romero.  “Now the Port of Iberia, Louisiana and the United States will benefit economically.”

The Seadrill lease was a team effort between the Port of Iberia Board of Commissioners, Iberia Parish Council, Iberia Parish School Board, Iberia Parish Assessor and Iberia Parish Sheriff.

“We all knew the Port of Iberia was the best location for Seadrill.  Each one of these entities worked diligently to be sure we made it happen,” Romero said.