StatoilHydro Extends Drilling Contracts for $375.5MM

StatoilHydro has chosen to exercise its options in the contracts for integrated drilling services with Schlumberger, Baker Hughes Inteq and Halliburton for deliveries on the Norwegian continental shelf.

The total annual value of exercising these options is just under NOK 2 billion (over US $375.5 million). The option periods are two years and they are based on established contracts.

Exercising the options is part of the ongoing work to harmonize contracts in the relevant portfolio.

The contracts are very extensive and in addition to directional drilling, cover, for instance, mud logging, logging while drilling, measurement while drilling, jars, hole openers, drill bits and associated services.

"We look forward to carrying on our good cooperation with the suppliers and hope that this will continue to take a positive direction," said Anders Opedal, Senior VP for Procurement in StatoilHydro.