Newbuild Jack-up Rig Charter Exended

Press Release
Friday, June 07, 2013
Maersk Drilling receives two-year term extension for newbuild jack-up rig 'XL Enhanced 2'.
 
Det Norske Oljeselskap ASA (Det norske) has on behalf of the partners in the Ivar Aasen project, exercised its contractual right to extend the contract for the newbuild ultra harsh environment jack-up, XL Enhanced 2, by two years. Consequently, the duration of the firm contract is now five years. The estimated value of the two-year contract extension is approximately USD 280 million, bringing the total estimated contract value to approximately USD 700 million. Det norske has options to extend the contract up to a total of seven years.

The rig is currently under construction at the Keppel FELS shipyard in Singapore. Commencement of drilling operation is scheduled for late 2014 following delivery of the rig from the shipyard and mobilisation to the North Sea. The rig will be used for drilling on the Ivar Aasen development in the Norwegian North Sea.

“Det norske is a valued client of Maersk Drilling and we are very pleased to extend the scope of our work with Det norske on the Ivar Aasen development. The extension of the contract for XL Enhanced 2 confirms the need for high specification rigs in Norway and is a confirmation of our strategy to expand our position in the Norwegian jack-up market and consolidate our market leading position in this segment in Norway,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller-Maersk Group.

Svein Ola Syrstad, Vice President Drilling in Det norske comments: “We are pleased with the extension of the contract with Maersk Drilling. The extension ensures rig capacity for the initial drilling and completion activities at Ivar Aasen.”

In December 2011, Det norske awarded Maersk Drilling a three year contract for the XL Enhanced 2 jack-up with options for Det norske to extend the contract up to a total of seven years. At that time the contract was subject to submission and subsequent approval by the Norwegian Government of the development plans for Ivar Aasen. On 21 May 2013, the Storting approved the development of Ivar Aasen. The Ivar Aasen field contains approximately 150 million barrels of oil equivalents.

The XL Enhanced 2 rig is the second of three XL Enhanced jack-ups ordered by Maersk Drilling in 2011 and 2012. The three rigs have delivery from yard in 2014 and 2015 and have all secured long term contracts. The XL Enhanced design is a further enhanced version of the existing ultra-harsh environment jack-ups Maersk Innovator and Maersk Inspirer. Like their sister rigs, the three new rigs are designed to operate in the harsh environment found in the North Sea and comply with all rules and regulations in the strictly regulated Norwegian sector.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Offshore

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Offshore Energy

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

A History of U.S. Oil Export Controls

On Oct. 20, 1973, King Faisal of Saudi Arabia imposed a total embargo on oil shipments to the United States among other countries in response to their support for Israel during the Arab-Israeli war.

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1474 sec (7 req/sec)