Equinor Added Additional Work to Deepsea Stavanger

Equinor has exercised a further well for the Deepsea Stavanger under the continued optionality mechanism provided for in the contract entered into by the parties in May 2021. Following the exercising of this well, which has an estimated duration of 120 days, the Deepsea Stavanger’s firm backlog now extends into Q4 2023. Equinor has the opportunity to exercise further wells under the continued optionality mechanism.

The day rate is similar to the current contract up to 1st May 2023 from which time there is an increase if certain CO2 targets have been achieved. A notable performance incentive rate in addition shall apply when wells are delivered safely and ahead of target