Bridge Secures Ensco Jackup for N. Sea Drilling Program

Bridge Energy ASA has signed a contract for a jackup rig with Ensco Offshore UK ltd.

The Ensco 92 (210' ILC) rig has been contracted for a firm one well slot and a further option which can be exercised subject to rig availability. It is expected that the rig will be available sometime between March 2013 and January 2014. The uncertainty in timing is due to preceding operators having options on the rig which are currently undeclared. The rig is currently undertaking work on the Clipper South development for RWE.

"We are very pleased to have secured the Ensco 92 rig in what is an extremely tight and competitive rig market. This allows us to move forward with a greater degree of certainty in our southern North Sea development program. We are also pleased to extend the excellent relationship we have developed with Ensco over the last 6 years," said Bridge's UK Managing Director Jim Brunton.

"This commitment represents a significant step forward for Bridge Energy and enables the Company to deliver additional production from its gas development portfolio. Taken together with our committed exploration drilling program through the summer of 2012 Bridge is delivering within each of its key growth objectives," said Bridge CEO Designate Tom Reynolds.


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