Odfjell Lands Record Breaking Deal with BP

Odfjell secured a 'significant' pre-contract award Wednesday with BP, as stated in a press statement. The contract entails the provision of a new build semisub for approximately $1.2B, excluding options.

The contract will commence in the fourth quarter of 2014 and have a fixed duration of seven years, subject to approval by the Quad 204 partnership -- a joint venture to re-develop the Schiehallion and Loyal fields in the UK.

Daewoo Shipbuilding & Marine Engineering (DSME) will build the sixth-generation rig, which will be used in drilling the Schiehallion and Loyal fields.

Construction engineering has already begun and the keel laying is scheduled for March 2013.

"The new rig for BP is of the enhanced GVA7500 harsh environment design and will be a sister rig of the Deepsea Atlantic (UDW semisub) and Deepsea Stavanger (UDW semisub)," said President & CEO of Odfjell Drilling Simen Lieungh in a press release.

The contract represents the largest contract in Odfjell Drilling's history.

"This contract award from BP is of great importance and represents a solid contribution to the company's further growth and is a recognition of Odfjell Drilling's status as a reputable international drilling contractor," he further stated.

BP acts as operator and holds a 36.3 percent stake with partners Shell (36.3 percent), Hess (12.9 percent), Statoil (4.84 percent), OMV (4.84 percent) and Murphy Petroleum (4.84 percent). 


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