USA: Maersk Secures Contract for Deepwater Advanced 2 Drillship

Maersk, ConocoPhillips and Marathon Oil Sign USD 694 Mln Contract

With the signing of a contract for the newbuild drillship Deepwater Advanced 2 Maersk Drilling adds USD 694 million to its contract backlog. Five out of seven newbuild drilling units have now secured contracts..

Maersk Drilling has signed a contract with ConocoPhillips Company a wholly owned subsidiary of ConocoPhillips and Marathon Oil Company a wholly owned subsidiary of Marathon Oil Corporation for the second ultra deepwater drillship in a series of four identical drillships currently under construction.

The estimated total contract value is USD 694 million including mobilization, but excluding cost escalation compensation. The contract duration is three years, with options for up to an additional two years and commencement of operations is expected by mid-2014 upon delivery from Samsung Heavy Industries in South Korea, mobilization to the US Gulf of Mexico and acceptance testing. The drillship will be equipped with two Blow-Out-Preventers (BOPs).

The drillship will be employed by ConocoPhillips and Marathon Oil for their respective drilling programs in the US Gulf of Mexico.

We are pleased to having been able to customize a drilling contract with ConocoPhillips and Marathon Oil combining their respective drilling programmes into a three year drilling contract providing security of deepwater rig availability for the two companies while leaving some flexibility in regards to the timing of their drilling programmes. In addition, merging the two programmes provides us with a contract with an attractive duration,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller – Maersk Group.

 Strong demand for advanced drilling rigs

Since 2011 Maersk Drilling has invested USD 4.5 billion in seven new drilling units currently under construction; three ultra harsh environment jack-ups at KeppelFELS in Singapore and four ultra deepwater drillships at Samsung Heavy Industries in South Korea. With the latest contract for the second drillship five out of the seven newbuild rigs have now secured contracts.

We are pleased to see continued strong demand for our advanced drilling rigs. This contract brings further evidence to our strategic focus on ultra harsh and deepwater drilling and provides firm ground for our ambitious growth plans,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller – Maersk Group.

Maersk Drilling has performed deepwater operations in the US Gulf of Mexico since 2009 with the ultra deepwater semi-submersible Mærsk Developer. In June 2012, Maersk Drilling secured a contract for the first drillship under construction with commencement in the US Gulf of Mexico expected by end 2013.

The US Gulf of Mexico remains a focus area of Maersk Drilling, and we are pleased to further expand our presence in this attractive market positioning us with three ultra deepwater rigs by 2014,” says CEO Claus V. Hemmingsen.

Press Release, October 23, 2012

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