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From Energy - Oil / Energy

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Additional Rig Capacity Secured

Fri, 5 Oct 2012 10:31:16 EST

Statoil and its partners have entered into contracts for use of the Bideford Dolphin, Stena Don and Scarabeo 5 rigs on the Norwegian continental shelf. The contracts have a total value of NOK 9,17 billion, excluding potential options.

The rigs will be used for production drilling for several fast-track developments as well as drilling and completion on the Norwegian shelf.

"Securing three rigs in the current market represents a real achievement for the Norwegian shelf. The rig capacity we have secured in these contracts will contribute to achieving our production targets towards 2020, through production drilling on several of our legacy assets and starting production from fast-track developments," says Øystein Michelsen, executive vice president Development and Production Norway in Statoil.

The Bideford Dolphin rig, owned by Dolphin Drilling AS, will be used for production drilling on the Tordis and Vigdis fields, as well as the Statfjord field in the North Sea.

The contract will run from the first quarter of 2014 until the first quarter of 2017. Statoil has also secured a potential option for two more years. The estimated value of the contract is NOK 2,96 billion for the fixed period, excluding potential options.

The Stena Don rig, owned by Stena Drilling, will be used for production drilling on the Troll field, as well as the fast-track development Fram H-Nord, in the North Sea. The contract will run from the fourth quarter of 2013 until the fourth quarter of 2016.

Statoil has also secured a potential one-year option. The estimated value of the contract is NOK 3,11 billion for the fixed period, excluding potential options.

The Scarabeo 5 rig, owned by Saipem, will be used for drilling and completion of production wells on various NCS fields. The contract will run from the third quarter of 2014 until the third quarter of 2017.

Statoil has also secured a potential one-year option. The estimated value of the contract is NOK 3,10 billion for the fixed period, excluding potential options.

"Increasing recovery from existing fields is important for Statoil. Drilling and well maintenance provide the greatest contribution to improved recovery, and it is therefore very positive that we have secured this rig capacity," says Øystein Arvid Håland, head of drilling and well in Statoil.


Source: WebWire



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