Maersk Convincer

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escveritas
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Maersk Convincer

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31 August, 2020
Maersk Drilling secures 20-month extension for jack-up rig Maersk Convincer in Brunei Darussalam

Brunei Shell Petroleum Company Sdn. Bhd. (BSP) has exercised the contract extension option for the jack-up rig Maersk Convincer that allows the rig to continue operating offshore Brunei Darussalam. The contract extension has an expected duration of 602 days and will commence in May 2021 in direct continuation of the rig’s current work scope, which means that Maersk Convincer is now contracted by BSP until the end of 2022. The extension has a firm contract value of approximately USD 47m, excluding a potential performance bonus.

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“We’re delighted to firm up this long-term extension for Maersk Convincer which is a confirmation of the strong and productive collaboration that has been established between the customer and the rig team. The rig has again and again delivered brilliant operational excellence for BSP, including a strong focus on safety and successful efforts to reduce fuel consumption and thereby limit the rig’s carbon footprint. We look forward to continuing this outstanding partnership,” says COO Morten Kelstrup of Maersk Drilling.

Maersk Convincer is a Baker Pacific Class 375 cantilever jack-up designed for year-round operation which was delivered in 2008. The rig is currently operating on the Seria field offshore Brunei Darussalam and was named Jack-up Rig of the Year by Shell in both 2018 and 2019.
escveritas
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Re: Maersk Convincer

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Maersk Drilling sells jack-up rig Maersk Convincer

Maersk Drilling has entered into an agreement with ADES to sell the benign environment jack-up rig Maersk Convincer for USD 42.5m in an all-cash transaction. The transaction is subject to customary closing conditions, and the rig is expected to be transferred to ADES following the completion of its current drilling programme with Brunei Shell Petroleum Company Sdn. Bhd. (“BSP”).

Maersk Convincer is a Baker Pacific Class 375 cantilever jack-up rig which was delivered in 2008. It has been operating offshore Brunei Darussalam since 2017, and Maersk Drilling has reached an agreement with BSP to release the rig from its current contract upon completion of Maersk Convincer’s current drilling programme, which is expected to be completed in August 2022 and in any case not later than 15 September 2022.

“This transaction will contribute to the optimisation of our fleet in line with Maersk Drilling’s strategic priorities of maintaining a fleet of modern, high-end assets and concentrating our jack-up activities in the harsh environments of the North Sea. Though the sale marks the end of an era of proud operations and exemplary collaboration with BSP – a joint venture between the government of Brunei Darussalam and the Shell group of companies – during which our rigs have won multiple Shell Group Jack-up of the Year awards, the Southeast Asian jack-up market is not key to us,” says CFO Christine Morris of Maersk Drilling.

After the sale, Maersk Drilling’s rig fleet counts 10 jack-up rigs, all of which are suited for operations in harsh environments, and eight floaters.
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