Statoil Charters Rig for Troll/Sleipner

Statoil has signed a contract with the rig company SeaDrill to charter the West Epsilon jack-up rig beginning this November. The rig will be used for exploration and production drilling in the Troll/Sleipner area in the North Sea.

”This means that there will be full focus on further development of the Sleipner area," says Astrid Sørensen, Statoil's senior vice president for the Troll/Sleipner business cluster. "The production from the Sleipner fields will be off plateau in a few years. Additional volumes will be developed and exploration for new volumes performed. West Epsilon marks a change of pace in the development of this part of the North Sea.”

Under the contract, Statoil gets to charter the rig for a total period of up to 4 years. The alternatives are 2 years of charter, with an option to extend the contract for 2 years, or 3 years of charter, with an optional 1-year extension.

The value of the contract ranges from NOK 1.5 to 2 billion (US$240 to 320 million), depending on the charter alternative.

Currently on assignment for BP, West Epsilon can operate in water depths of up up to 120 meters.

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