Aker BP Replaces Maersk Rig. Adds $28M To Backlog.

Offshore driller Maersk Drilling and Aker BP have agreed to a rig swap for an extended scope of work offshore Norway, adding a backlog worth around $29 million.

Maersk Drilling said that, under the rig swap agreement with Aker BP, the jack-up rig Maersk Reacher would be replaced by the low-emission jack-up rig Maersk Integrator offshore Norway in end-February/early March 2022.

Maersk Integrator will be prepared for well intervention and stimulation activities at the Valhall and Hod fields. The previously announced Maersk Reacher work scope will accordingly be transferred on to the Maersk Integrator with an added scope estimated to eight months, which means that Maersk Integrator will be employed until January 2023.

This contract swap arrangement will add approximately $29 million to Maersk Drilling’s revenue backlog.

To remind, the two companies entered into a deal to renew and extend a frame agreement that establishes Maersk Drilling as the jack-up rig drilling partner of Aker BP.

The agreement confirms the companies’ commitment to renew the frame agreement by five years and includes a commitment from Aker BP for the provision of the jack-up rigs Maersk Integrator and Maersk Invincible, for activities offshore Norway, the companies outlined.

Over the frame agreement renewal period, the five-year commitment for the two rigs is expected to have a combined total contract value of approximately $1 billion.

“We’re delighted to confirm this contract following the news in December 2021 about our agreement to renew the frame agreement with Aker BP. Maersk Integrator will be employed to assist with the continued development of the Valhall and Hod fields, building on the excellent groundwork laid by the Maersk Reacher team in our collaboration with Aker BP,” says COO Morten Kelstrup of Maersk Drilling.

“Our collaboration has provided ample proof that by working closely together based on shared incentives, we’re able to produce remarkable efficiency gains to the benefit of all parties, lowering emissions and cost per barrel,” he added.

“Aker BP’s commitment to this rig swap arrangement and contract for Maersk Integrator means we expect a further increase in efficiency for the intervention and stimulation activities at the Valhall and Hod fields. The contract is another testament to the joint team’s ability to find a win-win solution in the current market conditions,” Tommy Sigmundstad, SVP Drilling and Wells in Aker BP, stated.

Maersk Integrator is an ultra-harsh environment CJ70 XLE jack-up rig, designed for year-round operations in the North Sea and featuring hybrid, low-emission upgrades. It was delivered in 2015 and is currently warm-stacked in Åmøyfjorden outside Stavanger, Norway after completing a drilling campaign for Aker BP in November 2021.

It is worth noting that Maersk Drilling and its rival Noble Corporation announced their intention to merge in November 2021.

To contact the author, email bojan.lepic@rigzone.com