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Statoil Awards Conditional Letter of Intent to Odfjell Drilling

Source: www.gulfoilandgas.com 4/16/2018, Location: Europe

Odfjell Drilling is pleased to announce that Statoil has awarded a conditional Letter of Intent (LOI) for a drilling contract for Deepsea Atlantic for 6 firm wells with an estimated total duration of 18 months, scheduled to commence in early first quarter 2019.

The contract contains the option to continue operations for Statoil after the 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 NCS. 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”

The contract value is estimated to USD 160 million (including some third party services, e.g. casing running services by Odfjell Well Services) plus potential income from the contract incentive model.

The conditional Letter of Intent is subject to license approval.

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