Northern Drilling introduced its harsh setting rig West Bollsta has secured a contract for a ten-well program with Lundin Norway. The drilling program consists of the event of the Luno II area and the Rolvsnes discovery within the Norwegian North Sea with contract graduation anticipated in Q2 2020. The Rolvsnes discovery and Luno II growth stay topic to Lundin Norway’s fulfilment of sure situations customary to finalizing the drilling program in Norway and anticipated to be lifted by Q3 2019.
Lundin Norway is a totally built-in, oil and fuel exploration and manufacturing firm with all its operations on the Norwegian Continental Shelf. Northern Drilling continues to broaden its presence within the North Sea and provides to its backlog a contract valued at roughly USD 200 million, excluding efficiency bonus and any further providers.
The Lundin Norway contract consists of 4 further one-well choices. Should all choices be exercised, West Bollsta is anticipated to be contracted to Lundin Norway till Q3 2022. The day charges for the non-obligatory interval might be based mostly on a market listed price which allows the Company to learn from the tightening harsh setting market.
The contract has been executed between Lundin Norway and Seadrill Norway Operations Ltd. a subsidiary of Seadrill Limited. Northern Drilling has additionally entered right into a Heads of Agreement with Seadrill subsidiaries to mobilize and handle the operations of West Bollsta for this contract. The working settlement will cowl customary scope for business and technical providers offering secure and dependable operations from supply of West Bollsta anticipated in Q2 2019 by means of the contract length.
West Bollsta, is a Moss Maritime CS-60 ultra-deepwater harsh setting semi-submersible constructed by Hyundai at Ulsan Shipyard in South Korea.
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