Statoil enters drill rig contracts worth $1.58 billion

10/4/2012

Statoil enters drill rig contracts worth $1.58 billion

BY DOMINIC CHOPPING

NORWAY -- Statoil said that with its partners it has entered into contracts worth $1.58 billion for use of the Bideford Dolphin, Stena Don and Scarabeo 5 rigs on the Norwegian continental shelf.

Oystein Michelsen, executive vice president Development and Production Norway at Statoil, says: "Securing three rigs in the current market represents a real achievement for the Norwegian shelf."

The contract will run from the first quarter of 2014 until the first quarter of 2017. Statoil has also secured a potential option for two more years. The estimated value of the contract is $0.52 billion for the fixed period, excluding potential options.

The Stena Don rig, owned by Stena Drilling, will be used for production drilling on the Troll field, as well as the fast track development Fram H Nord, in the North Sea. The contract will run from the fourth quarter of 2013 until the fourth quarter of 2014.

The Scarabeo 5 rig, owned by Saipem, will be used for drilling and completion of production wells on various NCS fields. The contract will run from the third quarter of 2014 until the third quarter of 2017.

Dow Jones Newswires

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