Statoil Awards LOI for $160MM Drilling Contract to Odfjell
Monday Apr 16, 2018  

Odfjell Drilling announced Monday that Statoil has awarded the company a conditional letter of intent for a drilling contract for the Deepsea Atlantic rig for six firm wells.

The contract, which has an estimated duration of 18 months, is scheduled to commence in the first quarter of 2019 and is said to be worth $160 million.

“The contract is another important milestone for Odfjell Drilling in maintaining a close relationship with one of our key clients on NCS [Norwegian Continental Shelf],” Simen Lieungh, CEO Odfjell Drilling, said in a company statement.

“We have enjoyed great operational success in our partnership with Statoil on Johan Sverdrup and we are setting our sights even higher to improve on previous performance going forward by implementing new digital solutions to increase efficiency in operations,” Lieungh added.

The conditional letter of intent awarded by Statoil is subject to license approval. 

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