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Odfjell Drilling Ltd:Sverdrup contract marks milestone in drilling engineering

25.02.2015

Odfjell Drilling has been awarded the Drilling engineering sub contract for the Johan Sverdrup drilling platform topside. Odfjell Drilling will be one of Aibel's major sub-contractors for their engineering, procurement and construction (EPC) contact for of the Drilling Platform Topside for Johan Sverdrup in the Norwegian North Sea.
 
-       We are delighted with this contract award from Aibel and the confidence they have shown to our capacity and competence in drilling facility engineering. Odfjell Drilling has worked systematically to build a capacity in drilling facility engineering for new field developments. Our cooperation with WilliamJacob Management in Houston is key element in this strategy. The award of the Johan Sverdrup contract is a milestone in our development as a leading drilling facility engineering provider. By choosing Odfjell Drilling, Statoil and Aibel will benefit from our more than 40 years' experience in design, development and operation of offshore drilling facilities, says Kurt Meinert Fjell EVP Odfjell Drilling Technology.
 
The contract runs until 2018 and will involve approximately 50 engineering professionals working various degrees in the project. The contact has an estimated value of about 110 MNOK.

The overall project is being delivered to Statoil as operator for the Johan Sverdrup license. The total project will involve more than 3,000 associates at its peak, and is estimated for 3 years. The handover of the finished platform topside will be in the second quarter of 2018. The total contract has an estimated value of NOK eight billion.
 
The Johan Sverdrup field is one of the largest discoveries on the Norwegian shelf. The first phase will be developed with four installations including housing, one drilling, one riser and a process platform, and three subsea templates for injection.
 
In addition to Odfjell Drilling, National Oilwell and Nymo will make important contributions to the building of the platform deck.
 
Media contact:
Gisle Johanson, SVP Communications
+47 414 40 050 / gijo@odfjelldrilling.com
Hamilton, Bermuda
25 February 2015
Odfjell Drilling Ltd.


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.