Odfjell Finalizes Contract for Deepsea Stavanger

Odfjell Drilling Ltd. (FRA: OD3) has signed a contract with Lundin Energy Norway (OTCMKTS: LNDNF) for the use of its Deepwater Stavanger semi-submersible rig, the drilling contractor reported Tuesday.

The contract duration covers three firm plus six optional wells, with an approximately US$33 million contractual value for the firm scope, Odfjell noted in a written statement emailed to Rigzone.

The number of potential firm wells within the drilling campaign and the contract value have increased since Odfjell reported its letter of intent (LOI) from Lundin in late-January. At the time, the drilling contractor anticipated one firm and eight optional wells with a firm scope ranging from US$11-14 million plus incentives, Rigzone reported.

To contact the author, email mveazey@rigzone.com.