Gulf Oil and Gas accountACCOUNT

NADL Signs $1.4 Billion Rigs Contract with ConocoPhillips

Source: www.gulfoilandgas.com 4/11/2017, Location: South America

Share |
North Atlantic Drilling Ltd (North Atlantic) has secured 10-year contract awards for the jack-ups West Elara and West Linus with ConocoPhillips Skandinavia AS (ConocoPhillips) for work in the Greater Ekofisk Area. The total additional backlog for the new contract awards is estimated at $1.4 billion excluding performance bonuses.

As part of the agreement, the Company has agreed to a dayrate adjustment on the existing West Linus contract effective from April 2017, resulting in a $58 million reduction in current backlog.

The new West Elara contract which is expected to commence in October 2017 includes a period of fixed dayrates until March 2020 and contributes approximately $160 million of contract backlog. A market indexed rate is applicable thereafter until October 2027 which the Company believes will contribute an estimated $530 million of contract backlog.

The contract on West Linus has been extended from May 2019 until the end of 2028 at a market indexed dayrate, which the Company believes will contribute an estimated $706 million of contract backlog.

The backlog estimate indicated for the market indexed rate period for each rig is based on the third party dayrate assumptions presented in the Seadrill Limited release dated January 31, 2017 and includes an agreed percentage discount. The estimates are subject to changes based on market conditions. The awards are subject to ConocoPhillips receiving partner approvals for the contracts.

Rigs >>

Rigs News in Bermuda >>

Iraq >>  6/22/2017 - Maneuvering through narrow streets in the stifling heat, 24 Sarens employees and 5 police officers successfully delivered an oil rig to the North Ruma...
United Kingdom >>  6/21/2017 - Maersk Drilling has been awarded a contract for the high efficiency jack-up, Maersk Resolve, by Wintershall Noordzee B.V. The one-well contract will h...

United Kingdom >>  6/19/2017 - North Atlantic Drilling Ltd has been awarded a one well contract with SPE for Seadrill Limited's semi-submersible West Hercules for work in the United...
Scotland >>  6/1/2017 - Stena Atlantic Ltd, an affiliate of Stena Drilling Ltd, has notified the Korean shipbuilder, Samsung Heavy Industries Co Ltd (SHI), that it has exerci...

United States >>  5/31/2017 - Transocean Ltd. has completed the previously disclosed transaction to sell its jackup fleet to Borr Drilling Limited (Borr) for a total consideration ...
Malaysia >>  5/25/2017 - Octanex Limited advises that the NAGA 2 self-elevating mobile offshore drilling unit will shortly commence mobilisation to the Ophir oil field. The ri...

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


Bermuda Oil & Gas 1 >> 

More News

 

Oil & Gas Companies in Bermuda >>


Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.