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31.05.2017

Deepsea Bergen secures further work for Statoil


Odfjell Drilling has, on 31 May 2017, signed a letter of award ("LoA") with Statoil to secure Deepsea Bergen for drilling activities in 2018-2019.

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
eikn@odfjelldrilling.com

Hamilton, Bermuda
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.