The LoA includes one firm well plus 4 x 3 optional wells, which in total can secure work for Deepsea Bergen up to 14 months. The estimated start up is Q2/Q3 2018 in direct continuation with the OMV drilling program and contract value is up to USD 55 million (including the firm well and 3 priced options). In addition there is one option at market rate.
It has been further agreed to suspend completion of the current Deepsea Bergen Statoil contract and re-arrange the drilling schedule, allowing an earlier commencement of the 1 + 1 well contract with Faroe. After the completion of the Faroe well, the rig will re-commence the Statoil contract and complete the remaining drilling program of one well at the contract day rate.
For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173
31 May 2017
Odfjell Drilling Ltd.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Odfjell Drilling has been awarded a platform drilling contract with EnQuest for drilling and maintenance on the Magnus platform on the UK continental shelf. The contract includes three firm wells plus two optional wells, and is expected to commence November 1st 2017.
The shareholders of Robotic Drilling Systems AS (“RDS”) have today entered into an agreement to sell all shares in RDS to Nabors Industries (“Nabors”). Odfjell Drilling holds, through its fully owned subsidiary Odfjell Drilling Technology Ltd, approximately 37% of the shares in RDS.
On 10 August 2017, Odfjell Drilling signed a contract with Aker BP ASA for Deepsea Stavanger (6th generation semi-submersible) for a period of approximately 9 months with commencement in February 2018 and completion around October 2018.
Odfjell Rig II Ltd., a subsidiary of Odfjell Drilling Ltd. and rig owner of Deepsea Bergen, has today received a firm offer from its bank syndicate to amend and extend its senior secured term loan facility.