BP awards contract extension for Maersk Reacher jackup

1/3/2014

BP awards contract extension for Maersk Reacher jackup

COPENHAGEN, Denmark -- BP Norway has extended the contract for the jackup Maersk Reacher by two years from September 2014 to September 2016. BP Norway holds options to further extend the contract by up to additional four years until September 2020. The estimated value of the two-year extension is $222m.

“We are very pleased with the contract extension from BP Norway. Together with the five-year firm contract for a newbuild jackup announced in September 2013, we see the contract extension for Maersk Reacher as a further strengthening of our relationship with BP,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller - Maersk Group.

Maersk Reacher is the fourth in a series of four high efficiency 350ft jackups delivered in 2008-2009.

In 2011 Maersk Reacher was upgraded to comply with relevant requirements in Norwegian shelf regulation and received an Acknowledgement of Compliance enabling it to commence a three-year firm contract with BP Norway in September 2011.

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