Smedvig Secures Contract Extension for West Venture

Monday, January 19, 2004
Smedvig has signed an agreement with Norsk Hydro to extend the drilling contract for the semi-submersible drilling rig West Venture. The extension of the drilling contract has a firm duration of two years and in addition, annual renewal options for five more years. The estimated contract value for the firm period is US$ 150 million (approximately NOK 1 billion) and includes an incentive scheme related to drilling performance. West Venture is equipped with a dual derrick set allowing for enhanced drilling efficiency. The dual drilling system is especially advantageous in completion of subsea production wells. West Venture has operated on the Troll field for Norsk Hydro during the last four years and has demonstrated substantial drilling efficiency improvements in drilling and completion operations compared to conventional drilling. Commencement under the new contract is scheduled for August 2004, in direct continuation of the current assignment for Norsk Hydro. "The agreement confirms the attractiveness of the enhanced drilling performance demonstrated by Smedvig," says Kjell E. Jacobsen, CEO, Smedvig asa.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

European Court Ups Standards for River Dredging

The European Court of Justice (ECJ) ruled on Wednesday that damage to water quality must be considered when authorities approve river dredging to expand ports,

Union Vows More Channel Tunnel Disruption

Ferry workers will disrupt traffic through the sub-sea Channel tunnel between France and Britain for 48 hours from midday on Thursday, a union official said. "We

Statoil to Suspend Saipem Rig Contract

Norwegian oil major Statoil said on Wednesday it will suspend a rig contract with Italy's Saipem due to overcapacity in its rig portfolio. The suspension of

Offshore

Shell Green Lights GoM Field After Cost Cuts

Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water

Statoil to Suspend Saipem Rig Contract

Norwegian oil major Statoil said on Wednesday it will suspend a rig contract with Italy's Saipem due to overcapacity in its rig portfolio. The suspension of

Cargoship Disabled and Grounded in Dardanelles

General cargo vessel Ibrahim Konan  (7,618 dwt, built 2008) today (July 1) suffered rudder failure and ran aground in Dardanelles in front of Eceabat in Turkey,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1929 sec (5 req/sec)