Cosco Corp. (Singapore) Ltd. (F83.SG) said Thursday its unit has secured a contract worth US$75 million from SeaDrill Ltd. (SDRL.OS) after the Norwegian company converted an option into a firm contract.

The Oslo and New York-listed driller, which had signed a contract with Cosco for two rigs with an option for two more in February 2011, has now confirmed both the drilling rigs it had options for, Cosco said in a statement to the Singapore Exchange.

-By Gaurav Raghuvanshi; Dow Jones Newswires; +65 64154 154; gaurav.raghuvanshi@dowjones.com

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