StatoilHydro Awards Transocean 4-Year Contract for Polar Pioneer

StatoilHydro has awarded a four-year contract to Transocean for the lease of the semi-submersible rig Polar Pioneer. The contract will become effective during the first half of 2010.

The exact date of commencement will depend on the completion of work under the current rig lease contract.

"This is the first rig contract awarded by the new company and represents a strategically important acquisition, not least with regard to exploration in the far north of Norway and completion of production wells," said Kjell-Erik Ostdahl, chief procurement officer.

"Moreover, we have good previous experience with this rig. It is flexible and has a proven record in efficient operations. It is vital for StatoilHydro to secure further resources for exploration projects in the time ahead, and Polar Pioneer is regarded as suitable in this respect," said Ostdahl.