New Rig Contracts
Statoil awarded a contract to Dolphin AS and a letter of intent to Seadrill for two rigs which will operate on the Norwegian continental shelf (NCS). The Bideford Dolphin rig has won a three-year contract with start-up from 27 January, 2011. The contract is worth about $421 million. Statoil has an option to extend the contract from three to four years by 1 November, 2010. The value of the contract will then increase to about $553 million. Dolphin AS is a wholly-owned subsidiary of Fred Olsen Energy ASA.
Seadrill’s West Epsilon rig has been awarded a letter of intent for a four-year contract to take effect on 29 December, 2010. This contract is worth about $394 million. The agreement is conditional on partner approval. Statoil can extend the contract period to five or six years before 1 October, 2010. There will also be an option to extend the contract for an additional two years. Both rigs are working for Statoil at present. Photo Courtesy of Harald Petersen-Statoil