North Atlantic Drilling Secures Extension for West Phoenix Rig

Rig operator North Atlantic Drilling announced Friday that it has been awarded a contract extension for the West Phoenix (UDW semisub) rig by Total E&P UK.

The extension will start in mid-March 2016 and will last until the end of August. It will be worth an additional $62 million to NADL. During an anticipated idle period for the rig, beginning September 2015 until March 2016, the company will be able to market it for alternative work.

As part of the agreement to extend the West Phoenix, NADL has agreed to a day rate reduction on the current contract effective from June 1, 2015 until its expected conclusion at the end of August 2015, resulting in a reduction to the remaining revenue potential of approximately $16 million.

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