Statoil contract backs Noble Corp. newbuild

Noble Corporation has been awarded a drilling contract by Statoil for a newbuild ultra-high specification jackup for use at the Mariner project in the UK sector of the North Sea.

Offshore staff

ZUG, Switzerland – Noble Corporation has been awarded a drilling contract by Statoil for a newbuild ultra-high specification jackup for use at the Mariner project in the UK sector of the North Sea. The initial contract is for four years and is anticipated to begin 3Q 2016.

The total estimated value of the four year primary term contract is $655 million, including mobilization.

The jackup is an enhanced version of Statoil's "Cat J" specifications and will be designed to operate in water depths of up to 150 m (492 ft) in harsh environment conditions, with a maximum total drilling depth capacity of 10,000 m (approximately 33,000 ft).

Statoil operates the Mariner project, located about 150 km east of the Shetland Isles, with partners JX Nippon Exploration and Production and Cairn Energy.

Noble said the company is in the final stages of negotiating a contract for the construction of the new jackup and expects delivered costs to be reach $690 million.

"We believe that the fundamentals of the high-specification jackup market segment will continue to be strong in the decade ahead," said Noble Corp. chairman, president and CEO David Williams

The rig will be based on the Gusto MSC CJ-70-150 design and will operate in water depths up to 150 m (492 ft).

5/10/2013

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