Looking for a specific product?

Make a search for products & suppliers, articles & news.

New Statoil contracts for Ocean Rig's 'Eirik Raude'

Ocean Rig has entered into an agreement with Statoil, subject to partner approvals, for two deepwater wells and one optional well in continuation of the exploration campaign in the Barents Sea, which is expected to be completed in April 2005.

Ocean Rig has entered into an agreement with Statoil, subject to partner approvals, for two deepwater wells and one optional well in continuation of the exploration campaign in the Barents Sea, which is expected to be completed in April 2005.

The total contract value of the additional wells will upon lifting the subjects be in the order of USD 35 mill and USD 21 mill respectively. The wells will be drilled for Statoil in the Norwegian sector of the North Sea.


Final subjects related to the first two wells, with a total estimated duration of 150 days, will be lifted on or before June 15 and August 6, 2004.

The optional well with an estimated duration of 90 days, can be exercised by Statoil on or before August 31, 2004.

Eirik Raude has now a continuing program of nine wells, including the optional well, expected to be completed by the end of 2005. Total backlog for the rig is USD 108 mill for the firm period and USD 129 mill including the optional well.

During the last four weeks Ocean Rig has secured new contracts with a total contract value of USD 112 mill for Eirik Raude when the optional well is included.

Ocean Rig owns and operates two of the world's largest and most modern drilling-rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating offshore Angola and Cuba.

Associated companies: