ODL Awarded Additional Well Added to Deepsea Stavanger Equinor Contract

Source: www.gulfoilandgas.com 9/27/2021, Location: Europe

Equinor has exercised one (1) additional well to be added to the Deepsea Stavanger contract. The well has been exercised under the Continued Optionality mechanism in the contract entered into between the parties in May 2020, as part of the overall Master Frame Agreement. The additional well shall follow the current firm period of three (3) wells which commences during Q1 2022.

The rig is now expected to be occupied into Q3 2022. The commercial value for the additional well is approximately USD 20M.

The Deepsea Stavanger’s contract includes a notable performance incentive rate which shall apply when wells are delivered safely and ahead of target. Integrated services are provided through the contract and compensated separately.


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