Odfjell Secures Extension to Deepsea Stavanger Contract

Norway's Odfjell Drilling reported Tuesday that the contract for its Deepsea Stavanger (UDW semisub) rig to perform work in Block 18, offshore Angola, has been amended, securing a further 13 months of employment for the rig.

The new contract is in direct continuation of the firm's existing contract with BP Angola and will see the rig drill six new wells. The amendment means that the Deepsea Stavanger will be used by BP offshore Angola through 2015.

The contract value is estimated at $210 million.

Odfjell CEO & President Simen Lieungh commented in a statement:

"We appreciate this opportunity to continue the drilling operations with Deepsea Stavanger for BP in Angola."

The Deepsea Stavanger is a sixth-generation, ultra-deepwater and harsh environment semi-submersible rig.



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