Odfjell Drilling wins $160 mln Sverdrup contract

Statoil has awarded a conditional letter of intent (LOI) for a drilling contract for Deepsea Atlantic rig for 6 firm wells, with an estimated total duration of 18 months
The contract is scheduled to commence in early Q1 2019 with a value estimated to be $160 million (including some third party services, e.g. casing running services by odfjell well services) plus potential income from contract incentive model
The contract also contains option to continue operations for Statoil after a firm period, and such options shall be based on market pricing
Simen Lieungh, CEO Odfjell Drilling: “The contract is another important milestone for Odfjell Drilling in maintaining a close relationship with one of our key clients on the Norwegian Continental Shelf. We have enjoyed great operational success in our partnership with Statoil on Johan Sverdrup and we are setting our sights even higher to improve on previous performance going forward by implementing new digital solutions to increase efficiency in operations.”
  ogv issue 7