Maersk Drilling Secures $10.5MM Contract Extension

Maersk Drilling Secures $10.5MM Contract Extension
Maersk Drilling has won an extended well intervention scope for the Maersk Intrepid. PHOTO SOURCE: Maersk Drilling

Maersk Drilling (CPH: DRLCO) has won an extended well intervention scope for its low-emission jack-up rig Maersk Intrepid.

Equinor Energy AS (NYSE: EQNR) has exercised an option to add more well intervention work to its previously agreed-upon work scope for the rig, located at the Martin Linge field offshore Norway, Maersk reported late last week. Production began at Martin Linge late on June 30, Rigzone has reported.

According to Maersk, the added well intervention scope has a firm 31-day duration and the rig is now contracted until February 2022. The drilling contractor added the extension’s firm value is approximately US$10.5 million and includes integrated services but not potential performance bonuses.

The contract extension falls under Maersk Drilling’s master framework agreement with Equinor, continued Maersk, explaining the deal promotes efforts to limit greenhouse gas emissions.

Maersk Intrepid is an ultra-harsh-environment jack-up that can operate year-round in the North Sea in up to 492 feet (150 meters) of water and drill to 40,000 feet (12,192 meters), according to Maersk Drilling’s website.

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