Deepsea Stavanger

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escveritas
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Deepsea Stavanger

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ODL – Aker BP awards work to Deepsea Stavanger upon return from South Africa

Aker BP and Odfjell Drilling have signed a contract that commits further work to Deepsea Stavanger under the existing Frame Agreement.

The initial contract scope is five wells and has an estimated contract value of up to USD 44 million plus incentives. The contract is set to commence latest by end of Q3 2021, back-to-back with Deepsea Stavanger’s return from South Africa.
escveritas
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Re: Deepsea Stavanger

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ODL – Lundin awards letter of intent to Deepsea Stavanger

Lundin Energy Norway and Odfjell Drilling have signed a letter of intent for the use of Deepsea Stavanger. The letter of intent is subject to finalization of contract and final approvals from involved parties. The contract is set to commence in Q3 2021 with a duration of one (1) firm well plus eight (8) optional wells. The firm contract scope has an estimated contract value of approximate USD 11-14 million plus incentives. The contract is set to commence in Q3 2021, back-to-back with Deepsea Stavanger’s upcoming five well contract with Aker BP.

“We are very pleased to continue to add backlog to our fleet and this letter of intent from Lundin Energy Norway again confirms our strong position in the harsh environment market. We are confident that Deepsea Stavanger will meet the high expectations set by Lundin Energy Norway and its partners” says CEO of Odfjell Drilling AS, Simen Lieungh.
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Re: Deepsea Stavanger

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Odfjell Drilling signs Contract with Lundin Energy Norway

Reference is made to the stock exchange notice of 25 January 2021 in which Odfjell Drilling Ltd announced the award of letters of intent with Lundin Energy Norway for the use of Deepsea Stavanger.

Final contract for the drilling campaign has now been signed. The duration of the contract is changed to three (3) firm wells plus six (6) optional wells. The firm scope has a contractual value of approx USD 33 million.

Otherwise the contract is signed on such conditions as disclosed in aforementioned stock exchange notice.
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Re: Deepsea Stavanger

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26.05.2021
ODL – Deepsea Stavanger awarded Equinor contract

Equinor has today awarded a drilling contract to Odfjell Drilling for the use of the sixth generation semi-submersible Deepsea Stavanger. The contract has a firm period of three (3) wells with an expected duration of four (4) months and an expected commencement date during Q1 2022.

The dayrate shall be similar to that agreed for sister rig Deepsea Aberdeen under its Breidablikk contract which is also set to commence during the first half of 2022. The Deepsea Stavanger’s contract includes a notable performance incentive rate which shall apply when wells are delivered safely and ahead of target.

The Deepsea Stavanger now joins sister units Deepsea Atlantic and Deepsea Aberdeen as being contracted under the Master Frame Agreement which Odfjell Drilling entered into with Equinor in May 2018. That contractual framework includes continued optionality mechanisms for the units which can keep the units working on a longer term horizon.

Simen Lieungh, CEO Odfjell Drilling AS, says: “We are pleased to add Deepsea Stavanger to the Equinor fleet and see significant benefits in having three units operating with one of our core clients in the North Sea. Equinor and Odfjell Drilling have a shared target to build a mutually beneficial long term cooperation which focuses on safety, carbon reduction and cost efficiency. Working under the Master Frame Agreement structure we foresee further wells being allocated to our units in the years to come.”
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Re: Deepsea Stavanger

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ODL – additional work added to Deepsea Stavanger
30.09.2022

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
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