Statoil extends drilling services contracts with Schlumberger, Baker Hughes

Statoil (STL) has extended its contracts with Schlumberger Norge AS (SLB) and Baker Hughes Norge AS (BHI) for integrated drilling services. The extensions are valid for two years from the autumn of 2010. 

The contracts include delivery of directional drilling, measurement while drilling (MWD) and mud logging services for a total of 25 licenses on the Norwegian Continental Shelf (NCS). 

The total value is estimated at around NOK 2.5 billion (US $427 million) per year. 

The contract extensions are the result of a comprehensive process that Statoil has carried out to adjust costs in relation to the market for drilling and well services. 

As operator Statoil has furthermore contracts with other suppliers of similar services that are still under consideration. The contracts will help meet Statoil’s expectations to quality and enhanced efficiency.

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