Odfjell Wins 4-Year Extension BP Drilling Contract

Norway's Odfjell Drilling reported Tuesday that it has won a four-year extension to a platform drilling contract it has with BP.

Odfjell said that BP has chosen to extend its present Platform Drilling Services contract in the UK for a further four years from December 2014 by adding two two-year options to the deal. The oilfield services firm said that the extension takes the renewal date of the contract to December 2018.

Odfjell added that the four-year extension has an estimated value of $165 million. The firm currently operates on BP's Andrew, Bruce, Clair and Magnus assets in the UK North Sea, with a new platform – Clair Ridge – due to be included in the portfolio in 2016.

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