The contract value including compensation for mobilization and demobilization periods is estimated as being USD 145 - 190 million plus incentives. The company expects the drilling program to take 180-280 days. Mobilization to South Africa is expected to start in Q1 2020.
"Following Total's recent successful campaign with Deepsea Stavanger in South Africa on the Brulpadda well, which ended in February 2019, we are very pleased to continue the collaboration with Total for the next phase of the project on Block 11B/12B.
We believe it is of great benefit to Odfjell Drilling and Total to be able to
utilize the same drilling unit for the next wells in order to build on the
experience from the previous exploration drilling campaign in this operationally challenging harsh environment high-current area", says Simen Lieungh, CEO.
For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173
Aberdeen, United Kingdom
11 July 2019
Odfjell Drilling Ltd.
Odfjell Drilling Ltd. reports for the second quarter of 2019
Odfjell Drilling has today signed a firm drilling contract with oil major Total for drilling offshore South Africa with the 6th generation semi-submersible Deepsea Stavanger
Odfjell Drilling has today received firm bank commitments for a refinancing related to its 2019 debt maturities, as further described below.
Following the Equality Act 2010 (Gender Pay Gap information) Regulations 2017, all UK companies with more than 250 employees will have to publish details of their gender pay gap in line with the Government’s Gender Pay Gap Reporting Requirements.
Odfjell Drilling’s business in Norway is growing as two new semisubmersibles are joining the fleet in 2019. In the next months, we will employ more than 200 operational personnel, engineers and administrative support personnel to support our growing North Sea activities.