The Peak Group Wins Its First Contract from KNOC

The Peak Group has secured its first contract with the Korea National Oil Corp (KNOC) for an exploration well offshore Benin, West Africa.

Deploying the Noble Don Walker jackup, Peak will drill the well in a water depth of approximately 21 meters in Block 2 about 15 nautical miles offshore.

Peak will deliver a complete well project management service. This will include detailed well and test design, tendering and contracting for all services, execution of the drilling program including materials and logistics, project completion and operations wrap-up.

The well is expected to spud in late October and has an expected duration of over 30 days. The well marks the first project for both Peak and KNOC in Benin.

Bob Lyons, managing director of Peak Well Management, the well management division of The Peak Group, said: "We see great value in working with national oil companies, and the addition of KNOC to our client portfolio is a major fillip for us.

"We have already been able to demonstrate our flexibility and innovative thinking to KNOC. We were initially asked by the company to provide a turnkey fixed price program, but we suggested an incentivized well management system as the most appropriate way forward, and KNOC agreed with us.

"We would hope that this contract would lead to others with KNOC which, like the Peak Group, has a strong international presence."

KNOC general manager Dr. Kook-sun Shin said: "We have been very satisfied with Peak¹s performance so far and look forward to a successful completion of the contract."

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