Aker BP Awards Contract for Offshore Norway Well
Aker BP (OTCMKTS: DETNF) has contracted the low-emission Maersk Integrator jack-up rig for an additional exploration well offshore Norway, Maersk Drilling (CPH: DRLCO) reported Wednesday.
Slated to commence this December, the estimated 36-day contract will directly follow a two-well contract for the Maersk Integrator announced earlier this year.
Maersk Drilling pointed out the rig is contracted under a 2017 frame agreement via the three-way Aker BP Jack-up Alliance it participates in with Aker BP and Halliburton (NYSE; HAL). The drilling contractor explained contracts under the alliance are based on market-rate terms with incentive arrangements for all particles that hinge on actual delivery and performance.
“We’re delighted to add this additional work scope for Maersk Integrator which will provide an opportunity to prove that our alliance model with Aker BP and Halliburton also can be applied to an exploration campaign, expectedly resulting in significant efficiency gains and emissions reductions,” remarked Morten Kelstrup, Maersk Drilling’s chief operating officer.
The firm value of the latest contract for the Maersk Integrator is approximately US$9.6 million – excluding integrated services provided and potential performance bonuses – and includes an option for additional work, pointed out Maersk Drilling. The firm added the ultra-harsh environment jack-up recently underwent upgrades to convert it into a hybrid, low-emissions rig.
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