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Statoil has spent NOK 9.7 billion (US $1.6 billion) to secure a trio of semisubmersible rigs for continued drilling activity offshore Norway.
The state-owned major said it had entered contracts to extend the use of the Bideford Dolphin, Stena Don, and Scarabeo 5 rigs, owned by Dolphin Drilling, Stena Drilling, and Saipem, respectively. The total contract value excludes potential options, added Statoil, which said the units would be used for production drilling on several fast-track developments, as well as drilling and completion activity on the Norwegian shelf.
The Bideford Dolphin rig, owned by Dolphin (a subsidiary of Fred. Olsen Energy), will be used for production drilling on the Tordis and Vigdis fields, as well as the Statfjord field in the North Sea. The contract will run from 1Q 2014 until 1Q 2017. Statoil also has secured a potential option for two more years. The estimated value of the contract is NOK 2.96 billion ($520 million) for the fixed period, excluding potential options.
The Stena Don rig will be used for production drilling on the Troll field, as well as the fast-track development Fram H-Nord in the North Sea. The contract will run from the fourth quarter of 2013 until the fourth quarter of 2016. Statoil has also secured a potential 1-year option, with the estimated contract value put at NOK 3.11 billion ($541 million) for the fixed period, excluding potential options.
Saipem’s Scarabeo 5 rig will be used for drilling and completion of production wells on various fields, with the contract to run from 3Q 2014 until the 3Q 2017. Statoil also secured a potential 1-year option for this rig, with the estimated value of the contract put at NOK 3.10 billion ($540 million) for the fixed period, excluding potential options. The rig has been working offshore Norway continuously since 1990.
The Norwegian operator is aiming to raise its production from 1.9 MMboe/d in 2010 to more than 2.5 MM boe/d by 2020.