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Odfjell Drilling Ltd: Four year platform drilling contract extension with BP

25.02.2014

BP has chosen to extend the present Platform Drilling Services contract in the UK for a further 4 years from December 2014, by declaring two 2-year options. This brings the contract to a renewal date in December 2018. In addition, BP has one remaining 2-year option.

The value of the 4-year extension is estimated to USD 165 million.

This early extension demonstrates BP's commitment to working with Odfjell Drilling in delivering quality and efficiency in their platform drilling program. Odfjell Drilling currently operates on BP assets Andrew, Bruce, Clair and Magnus in the UK North Sea.  A new platform Clair Ridge will be included in the portfolio following handover to operations during 2016.

Hamilton, Bermuda, 25 February 2014