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New Rig for Statoil’s Fast-Track Portfolio

Source: www.gulfoilandgas.com 3/17/2011, Location: Europe

Statoil has awarded Songa Offshore a contract for hire of the semi-submersible rig Songa Delta, for use in the fast-track portfolio on the Norwegian continental shelf (NCS). The contract value is approximately USD 400 million.

The rig will carry out production drilling for Statoil's fast-track portfolio on the NCS.

It will be used for drilling and completing wells, and will quickly be able to contribute to the production of the fields.

"We will be able to realise small finds that normally would not be profitable through fast-track developments and standardised solutions," says Ivar Aasheim, head of field development on the NCS.

"Securing drilling capacity is vital to be able to execute our fast-track developments. This helps to maintain the production level on the NCS."

Plans call for the rig to start its production assignment for Statoil in the summer of 2012.

Jon Arnt Jacobsen, Statoil chief procurement officer, is pleased that the company has acquired future rig capacity.

"We are pleased to have secured yet another rig from Songa Offshore. This contract award addresses our ambition to sustain production," says Jacobsen. "The rig will work specifically for Statoil's fast-track developments, and will play an important part in maintaining the pace of our fast-track projects."

The contract period is three years firm, and includes a one-year option following the completion of the drilling programme. Statoil has an option to extend the contract period from three to four years firm.

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