$370MM West Africa Contract Goes to Maersk Drilling

Tullow Ghana Ltd. (OTCMKTS: TUWOY) has awarded Maersk Drilling (CPH: DRLCO) an estimated four-year contract for the ultra-deepwater drillship Maersk Venturer and additional services, Maersk Drilling reported Thursday.
The contract, which commenced this month, covers a development drilling campaign at the TEN and Jubilee fields offshore Ghana, Maersk Drilling noted in a written statement emailed to Rigzone. The drilling contractor added the US$370 million estimated contract value excludes additional services and potential performance bonuses.
“We’re thrilled to have firmed up this long-term contract for Maersk Venturer, bringing it back to a basin where the rig and its crew previously performed stable and highly efficient operations for Tullow,” remarked Maersk Drilling CEO Jørn Madsen in a written statement emailed to Rigzone. “We’re delighted to have started up operations again in Ghana where we will continue our work with the Ghanaian community, our partner Rigworld, and other local suppliers who have contributed to our successful operations in the region.”
According to Maersk, the contract includes a progressive day rate structure for the full duration. The company pointed out, however, that provisions in the contract do allow – after an initial 18-month period – a shift to a market-linked day rate structure and early termination for convenience by Tullow Ghana.
Maersk Venturer is currently operating at the Jubilee field, added the drilling contractor.
In early February, Rigzone reported that Maersk Drilling had secured a conditional letter of award from Tullow for the long-term Ghana campaign.
To contact the author, email mveazey@rigzone.com.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Shell CEO Says World 'Desperately In Need' Of Natural Gas
- Fate Of $8Bn Alaska Oil Project To Be Resolved In Next 30 Days
- Gov't Tampering Puts Australian Gas Market In Unenviable Position
- Texas Power Outages Increase As Ice Storm Persists
- Shell's Record Earnings Draw Angry Reactions
- Oil And Gas Firms Need To Accelerate Shift To Low Carbon Energy
- Oil Posts Second Weekly Loss as Stockpiles Swell
- OPEC+ Exports Show Russia Surges While Saudi Arabia Dials Back
- Capricorn Reshapes Its Board of Directors
- Lukoil Hits 50 Million Tons Of Hydrocarbon Production In Caspian Sea
- New SPR Bill Passes House
- What Bad Habits Should Oil and Gas Jobseekers Avoid?
- Biden To Support ConocoPhillips Alaska Oil Project, Defying Greens
- USA Drops 3 Gulf of Mexico Rigs
- USA Oil and Gas Employs Almost 1 Million in 2022
- Energy Services Sector Will Grow To $1 trillion In 2025
- Shell CEO Says World 'Desperately In Need' Of Natural Gas
- Shell Makes Host of Company Changes
- New Discoveries Make 2022 Highest Value Year In Over A Decade
- Winter Storm Mara Update
- Valaris Employee Reported Missing from Rig
- Gasoline and Diesel Prices Expected to Fall
- Is the USA Shale Boom Over?
- New SPR Bill Passes House
- Higher Oil Prices Have Not Led to More Exploration
- Shell Finds Gas In Pensacola High-Impact Well Off UK
- Iran Oil Gushes Into Global Market
- Will Oil Hit $100 Per Barrel in 2023?
- Eni, Chevron Make Significant Gas Discovery Off Egypt
- What Bad Habits Should Oil and Gas Jobseekers Avoid?