Statoil inks another drilling contract for Songa Trym

Source: Statoil

Statoil (NYSE:STO) signed a new contract with Songa Offshore for the Songa Trym, which will be used for exploration drilling on the Norwegian Continental Shelf (NCS). 

The semisubmersible rig has been chartered for work on the Troll field until the second quarter 2012. Now, it will be deployed to drill new exploration wells starting in the third quarter of 2012. The rig will be considered for operation on several licences. 

“Access to rigs is vital in maintaining our exploration activity on the NCS, where we envisage great potential in both near field exploration and exploration in frontier areas. This rig will help Statoil fulfil its exploration ambitions,” says Gro Gunleiksrud Haatvedt, Statoil’s head of exploration on the NCS. 

The daily rate for the rig is US $355,000, with additional upgrade costs. The contract is for a fixed three-year period, though Statoil has also secured two one-year options on the same conditions. 

”The contract reflects a sustainable price level for this type of rig. We have built up a good relationship with Songa and are pleased to have secured Songa Trym as an exploration rig on the NCS for the next few years,” says Statoil’s chief procurement officer, Jon Arnt Jacobsen. 

Songa Trym has been in use on Troll since 2005 and has helped realize planned drilling activities in the area. It is a conventional exploration rig that can drill to depths of 400 meters.

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