Equinor Adds Additional Work to Deepsea Stavanger Contract

Source: www.gulfoilandgas.com 3/21/2022, Location: Europe

Equinor has exercised further work for the Deepsea Stavanger under the continued optionality mechanism provided for in the contract entered into by the parties in May 2021. Following this addition the Deepsea Stavanger now has six (6) remaining wells to be drilled which are expected to occupy the rig into late Q4 2022. Equinor has the opportunity to exercise further wells under the continued optionality mechanism.

The day rate is similar to the current contract and a notable performance incentive rate in addition 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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