Northern Drilling introduced its harsh surroundings rig West Mira has secured a agency contract for six wells with Wintershall Norge AS for the Nova subject with contract graduation anticipated in March 2020. Wintershall is Germany’s largest internationally energetic producer of crude oil and pure gasoline with a number of improvement tasks within the North Sea. The contract worth is estimated to roughly USD 106 million.
The Wintershall contract has been awarded to Seadrill Norway Operations Ltd. a subsidiary of Seadrill Ltd who will function West Mira on Northern Drilling’s behalf.
The Wintershall contract additionally contains choices for early graduation ranging from early Q3 2019 in addition to follow-on choices after the agency contract interval. Should all choices be exercised, West Mira is anticipated to be contracted to Wintershall till Q1 2022. The day charges for elements of the non-compulsory interval can be primarily based on a market listed fee which permits NODL to profit from the anticipated tightening of the tough surroundings market with a drilling rig nicely positioned on the NCS.
Northern Drilling can also be happy to announce that it has entered right into a Heads of Agreement with Seadrill Global Services Ltd (the “Manager”), an entirely owned subsidiary of Seadrill Ltd for an working settlement (“Operating Agreement”) for West Mira underneath the Wintershall Contract. The Operating Agreement is to cowl customary scope for industrial and technical companies securing Northern Drilling secure and dependable operations from one of many world’s most skilled drilling contractors.
Finally, the Company has utilized for a switch of itemizing from Oslo Axess to Oslo Børs and expects switch to be consummated by three July ought to the applying be permitted. An inventory at Oslo Børs is anticipated to additional enhance the liquidity within the buying and selling of the Company’s shares.
West Mira is a Moss Maritime CS-60 MK ultra-deepwater semi-submersible constructed by Hyundai Heavy Industries in South Korea. In March 2017, Norwegian billionaire investor John Fredriksen agreed to purchase the semi-submersible ending a prolonged dispute with the rig firm Seadrill. West Mira was purchased by means of privately held funding agency Seatankers. (Source and picture: Northern Offshore)
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