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.
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.
Further to the conditional letter of award ("CLOA") as announced on 1 March 2017, Odfjell Drilling has now been awarded the contract as described in the CLOA.
Odfjell Drilling has been awarded a 2-year fixed contract with no limit of 1-year options from TAQA Bratani for Drilling and Maintenance services on five platforms on the UK continental shelf.