Odfjell Wins Letter Of Intent for Deepsea Bergen

 Odfjell Drilling has been awarded a Letter of Intent from Statoil for the utilisation of the semi-submersible "Deepsea Bergen" for development drilling on the NCS. The contract value is approximately USD 380 million.

 "We are both proud and grateful for being awarded this important Letter of Intent (LoI) from Statoil. Deepsea Bergen is currently operating for Statoil until 2012 and this LoI will secure continuity for the rig and further development of our historical strong co-operation with Statoil. The rig has just been re-certified and is now well prepared to provide high quality services in the future," says Odfjell Drilling CEO Simen Lieungh.

The Letter of Intent from Statoil as operator is on behalf of the participants in the Åsgard, Norne and Heidrun license and is subject to partner approval.

Statoil has the opportunity to decide duration of the contract from 3 to 5 years fixed, plus 1 year option. Based on duration the contract value will vary from approximately USD 382 million to USD 619 million.

Duration, value and commencement

Odfjell Drilling is currently on a three year fixed contract on Deepsea Bergen with Statoil for development and exploration drilling in the Halten Nordland area.

The contract is scheduled to commence when the contract with Statoil on Deepsea Bergen concludes in June 2012.

Odfjell and Statoil have entered into an agreement regarding Deepsea Atlantic. In addition, Statoil has exercised a 1 year option of further use of the rig, committing the rig to Statoil for a fixed period until 4 August 2014. "We are obviously very pleased that we have reached an agreement regarding Deepsea Atlantic and look forward to getting the rig back in operation. This confirms the good relationship Odfjell Drilling has with Statoil”, Odfjell Drilling CEO Simen Lieungh says.

Deepsea Atlantic left Hanøytangen outside Bergen 12. November to start a three week verification test program before heading for the Gullfaks field for drilling operations for Statoil.



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