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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

BAE Systems Awarded £201m to Advance Successor Sub Design

The U.K. Ministry of Defence (MoD) has awarded BAE Systems £201 million to further the design of a successor to the Royal Navy's Vanguard class submarines.   The

Indonesian Navy Orders MAN Engine for Training Ship

MAN Diesel & Turbo has received an order for an MAN 6L21/31 engine to power a newbuilding cadet training sailing ship for the Defence Ministry of the Republic of Indonesia.

GTT, DSME Partner for NO96 Max Development

GTT signs a cooperation agreement with Daewoo Shipbuilding & Marine Engineering aiming at the industrialization of its NO96 Max technology   GTT, a designer of

Offshore

SBM Offshore: US Authorities Reopen Corruption Probe

SBM Offshore, the world's top oil production ship leasing company, said on Wednesday that U.S. authorities had re-opened an inquiry into bribery allegations involving the Dutch company.

Parker Bestobell to Supply Valves for FSRU Newbuilds

Parker Bestobell Marine has recently completed a contract to supply cryogenic Globe and Check valves made in Sheffield, for Hoegh LNG’s series of five FSRUs (Floating

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Offshore Energy

SBM Offshore: US Authorities Reopen Corruption Probe

SBM Offshore, the world's top oil production ship leasing company, said on Wednesday that U.S. authorities had re-opened an inquiry into bribery allegations involving the Dutch company.

FSRU Golar Tundra Sold to Golar LNG Partners

Golar LNG Limited has entered into a purchase agreement to sell the Golar Tundra, a floating storage and regasification unit (FSRU), to Golar LNG Partners LP for a sale price of $330 million.

Parker Bestobell to Supply Valves for FSRU Newbuilds

Parker Bestobell Marine has recently completed a contract to supply cryogenic Globe and Check valves made in Sheffield, for Hoegh LNG’s series of five FSRUs (Floating

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Shipbuilding / Vessel Construction Sonar Winch
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: 0.0873 sec (11 req/sec)