Maersk reinforces stronghold in Norway
OFFSHORE: Maersk Drilling has signed a contract with Statoil for the ultra harsh environment jack-up rig, Mærsk Gallant for work in the Norwegian North Sea. The contract duration is two years and the contract includes an option for one additional year.
Commencement will be in direct continuation of the present contract with ConocoPhillips, which ends either in the second quarter of 2014 or second quarter of 2015 depending on whether ConocoPhillips declare their one-year option for Mærsk Gallant.
The value of the firm contract is USD 284 million.
“This contract improves our forward contract coverage even further providing us with high earnings visibility. This forms a solid basis for further growth thus supporting our objective of becoming a significant and stable contributor to the APMM Group profit”, says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller - Maersk Group.
The signing of the contract follows the news about Statoil’s significant discovery in the King Lear Prospect in the southern part of the North Sea. This exploration well was drilled by Mærsk Gallant.
The find has been made shortly after the Johan Sverdrup discovery, one of the largest ever in Norway, was announced by Lundin and Statoil.
“The new discoveries reaffirm that significant opportunities are still present in the mature Norwegian North Sea market”, says Claus V. Hemmingsen.
Since February 2011, Maersk Drilling has invested close to USD 2 billion in three new highly advanced jack-up rigs built for the Norwegian market.
“Although the rigs are not scheduled for delivery until 2014 and 2015, long term contracts have already been signed for all three rigs and we continue to evaluate the opportunities for additional growth”, Claus V. Hemmingsen says.
When the three newbuilding rigs are delivered Maersk Drilling will operate nine jack-up rigs in the Norwegian North Sea manifesting its market leading position in Norway.
Source: Maersk Drilling