Maersk Drilling, Aker BP sign major contract founded on joint alliance

9/6/2018

LYNGBY -- Maersk Drilling and Aker BP have agreed to a one-year contract to deploy high-performance rig Maersk Integrator on the Norwegian shelf from June 2019. The contract is founded on the alliance that the parties entered into in 2017.

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Maersk Integrator. Photo: Maersk Drilling.

The Maersk Integrator will become the first rig to be contracted fully under the scope of the alliance between Aker BP, Maersk Drilling and Halliburton. When the high-performance jackup rig finishes its current campaign on Gina Krog in June 2019, it will go directly to Ula for a new one-year assignment with Aker BP.

The tripartite alliance was announced last year and focuses on working in collaborative relationships, which maximize value for all parties involved. This is established in contracts using a shared incentives model, thereby securing mutual commitment to reduce waste and deliver value. The contracts are based on market-rate terms but add the possibility of a sizeable upside for all parties, based on actual delivery and performance.

In the tripartite jackup alliance, the parties are exploring new ways of collaborating to increase the efficiency of drilling campaigns. In addition to setting up shared goals and incentives, it includes integrated project organisations, aligned safety procedures, and a one-team mindset guided by the principles of ‘best man for the job’ and ‘best for the alliance’.

Maersk Integrator is an XL Enhanced ultra-harsh environment jackup rig that is customised for the North Sea. The rig is currently stationed at Gina Krog field on the Norwegian shelf, where it has been engaged in its first-ever drilling campaign since June 2015. When that campaign finishes in June 2019, the rig will move south to Ula field to deploy for Aker BP. As an integral part of the alliance framework, Halliburton will function as service provider for the new campaign.

“With this contract, we will truly see the value of our alliance as we work together to reduce waste and lower the cost per barrel on Ula. The collaboration between our companies is under continuous development due to the alliance, and we expect to gain more and more mutual benefits from working together in new and innovative ways,” says Tommy Sigmundstad, senior V.P. of Drilling and Wells at Aker BP.

Maersk Drilling, Aker BP and Halliburton entered the joint jackup alliance in November 2017. The alliance aims at lowering the cost per barrel and increasing profitability for the partners through implementation of digital solutions, increased collaboration efficiency, and standardization and simplification of processes. It is formalised in a five-year agreement with the option to extend for an additional five years.

With this contract, Maersk Drilling has added a total of 2,373 days and $313 million to its backlog in 2018.

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