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escveritas
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Deepsea Aberdeen

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BP starts seven-year west of Shetland drilling programme with new deepsea Aberdeen rig
29 April 2015

BP, on behalf of the Schiehallion co-venturers Shell and OMV, is pleased to announce the start of drilling on the Loyal field by the new-build, semi-submersible Deepsea Aberdeen, marking the start of a seven year drilling campaign west of Shetland
Deepsea Aberdeen is contracted to drill wells across the Schiehallion and Loyal fields, as part of the Quad204 development.

The sixth-generation, dual derrick rig is the newest addition in Odfjell Drilling’s fleet of mobile offshore drilling units. It has been designed to the highest international safety standards to operate in harsh environments, carrying out ultra-deepwater drilling in depths up to 3,000m.

The Deepsea Aberdeen will initially drill two producer wells and one injector well on Loyal, before moving onto Schiehallion to continue drilling activities. Five wells are planned to be drilled prior to first oil from the new Glen Lyon floating, production, storage and offload (FPSO) vessel at the end of 2016.

Trevor Garlick, Regional President for BP’s North Sea business said: “This marks an exciting and important milestone for both the Quad 204 project and our wider North Sea business. The drilling campaign not only demonstrates our commitment to the Region in what is a challenging time, but will also help maximise production from Schiehallion and Loyal, contributing to the long term competitiveness of BP’s North Sea business.”

The Deepsea Aberdeen will be operated from Odfjell Drilling’s office in Aberdeen. Odfjell Drilling CEO, Simen Lieungh said: “The start of drilling operations on Deepsea Aberdeen marks another step in the development of Odfjell Drilling’s activities in the UK and harsh environment offshore regions. The rig design is based on our more than 40 years’ experience of drilling in the North Sea. Our offshore crew and our onshore organisation in Scotland are looking forward to working collaboratively with BP over the next seven years on the Quad 204 development.”

BP (operator) and Shell each have a 50 per cent ownership interest in the Loyal field. The Schiehallion field ownership interest is split between BP (operator) with 33.35 percent; OMV (11.76 per cent); Shell (54.89 per cent).
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Re: Deepsea Aberdeen secures work in Norway with Wintershall Dea

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Odfjell Drilling Shetland Ltd has received a notice of early termination from BP Exploration Operating Company Ltd of the contract for semi-submersible Deepsea Aberdeen.The contract was originally due to expire in April 2022. In accordance with the contract terms, Odfjell Drilling will be compensated with an early termination fee through monthly payments until April 2022.

Concurrent with the BP termination, Odfjell Drilling has been awarded a contract by Wintershall Dea Norge AS for use of the Deepsea Aberdeen on exploration wells at Dvalin North and Bergknapp fields and development wells at Vega field on the Norwegian Continental Shelf. The contract consists of four firm and three optional wells with an expected firm duration of approximately 300 days. The contract is anticipated to commence in February/March 2021. In addition, Wintershall Dea and Odfjell Drilling have entered into a long-term frame agreement for potential future rig needs.

As the Wintershall Dea contract falls within the original BP contract duration, BP shall be entitled to a reduction in termination fee payments while the Deepsea Aberdeen is operating for Wintershall. In total, Odfjell Drilling expects to maintain the same net cash flow as would have been the case with continued operations under the original BP contract.

“We would like to thank BP for their co-operation and support throughout the Deepsea Aberdeen contract thus far. The teamwork and overall efficiency of the well execution has been impressive. We look forward to continued cooperation on the platform drilling operations provided by Odfjell Drilling.

The Wintershall Dea contract is an important addition to Odfjell Drilling and we look forward to once again working with Wintershall Dea in the Norwegian sector. The contract is another recognition of Odfjell Drilling’s ability to provide efficient drilling operations in harsh environments.” says CEO of Odfjell Drilling AS, Simen Lieungh.

Deepsea Aberdeen is at CCB outside Bergen where it will stay while securing the Acknowledgement of Compliance with Norwegian Authorities and preparing for the Wintershall Dea Contract.
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Re: Deepsea Aberdeen to drill Breidablikk for Equinor

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Odfjell Drilling enters letter of intent for Breidablikk development with Deepsea Aberdeen

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Equinor has today awarded a letter of intent to Odfjell Drilling for the drilling and completion of the Breidablikk project with Deepsea Aberdeen.The letter of intent is subject to finalization of contract.

The contract is set to commence during spring 2022 with a scope of fifteen (15) firm wells and an estimated duration of 2.5 years. In addition, there are nine (9) optional wells. The approximate contract value for the firm scope is USD 290 million (excluding any integrated services, modifications/upgrades and mobilisation/demobilisation fees). In addition, a notable performance incentive rate will apply when wells are delivered ahead of target. The rate for the optional wells will be mutually agreed based on performance and market benchmarks.

Simen Lieungh, CEO Odfjell Drilling AS, says: “We are delighted to secure another long term development project with Equinor and build upon our successful relationship by adding the Deepsea Aberdeen to the Equinor fleet. The Breidablikk development presents a specific set of technical challenges which shall require innovative and creative technologies to overcome. This award is further recognition of Odfjell Drilling’s continuous drive to meet our clients’ requirements and deliver the most efficient wells in the industry. With the development of cutting edge drilling solutions tailored for the Breidablikk development we are confident that together with Equinor and the wider One Team, the Breidablikk development will be a success. ”
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Re: Deepsea Aberdeen

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Odfjell Drilling signs contracts with Equinor on Johan Sverdrup and Breidablikk

Reference is made to the stock exchange notices of 7 July 2020 and 5 October 2020 in which Odfjell Drilling Ltd announced the award of letters of intent with Equinor on Johan Sverdrup Phase 2 and Breidablikk drilling campaigns for Deepsea Atlantic and Aberdeen, respectively. The Breidablikk drilling campaign is subject to PDO approval. Final contracts for both drilling campaigns have now been signed on such conditions as disclosed in aforementioned stock exchange notices.
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Re: Deepsea Aberdeen

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Extension of Deepsea Aberdeen on Breidablikk Field

Odfjell Drilling Ltd. is pleased to announce that Equinor has exercised options for seven wells to extend the use of the Deepsea Aberdeen on the Breidablikk field.

The exercised options are planned to start in mid Q1 2025 in direct continuation of the current firm period and extend the firm backlog on the Deepsea Aberdeen to end of Q4 2025. The options have a value of approximately USD 138 million, excluding integrated services, performance and fuel incentives.

In addition to the exercised wells, the contract now includes further optional periods which, if exercised, could keep the Deepsea Aberdeen contracted to 2029. Such optional periods consist of six optional wells followed by three further optional periods of eight wells each, or approximately three times one-year. The rates for all such optional periods are to be mutually agreed prior to exercising.

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:

“We are pleased to confirm this extension which will see the Deepsea Aberdeen continue its work with Equinor on the Breidablikk field. We look forward to building on the successful collaboration with Equinor which has seen the Deepsea Aberdeen drill the initial Breidablikk wells ahead of schedule, paving the way for early production on the field. The One Team approach with its focus on safe, low-carbon, cost-effective wells has proven yet again to deliver impressive results.

“With the exercised optional wells Odfjell Drilling will see substantial cash flow earlier than forecasted as the rig moves to a higher day rate level. The
extension mechanisms now agreed could see the Deepsea Aberdeen remain in continuous operation with Equinor until 2029, delivering strong, predictable cash generation from the unit.”
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