STAVANGER, Norway – Seadrill has won a new five-year contract from Statoil extending the use of its fifth-generation semi West Venture on the Norwegian shelf. The value of the contract is around $712 million.
Under the terms of the contract, Statoil will retain the rig through Aug. 15. It has the option (up until January 2011) to extend the contract by a further one one-two years at the same rig price.
West Venture has been operating on the Troll field in the North Sea. Statoil says the rig is critical to its goal of maintaining its current production level on the shelf over the next decade. It aims to achieve this via a combination of enhanced recovery from existing fields; fast, efficient development of new fields; and an active exploration program.
“We are well pleased with the terms of the agreement and we see that the prices in the rig market are now at a more normal level,” said Anders Opedal, the company’s senior VP for procurement.