StatoilHydro, Woodside to share rig for GoM exploration

StatoilHydro and Woodside Petroleum have agreed to share the newly-christened Maersk Developer to drill exploration wells in the Gulf of Mexico from the fourth quarter of this year through to 2011.

Gurdip Singh
Contributing Editor

Singapore -- StatoilHydro and Woodside Petroleum have agreed to share the newly-christened Maersk Developer to drill exploration wells in the Gulf of Mexico from the fourth quarter of this year through to 2011.

The two companies have a three-year, 50/50 agreement to charter the deepwater semisubmersible drilling rig from Maersk Contractors. The new rig is expected to sail from Singapore for the GoM towards the end of the third quarter.

After the initial three-year term of the chartering agreement, StatoilHydro will use the rig exclusively from the fourth year, said Oivind Reinertsen, president of North America, after christening the rig in Singapore on June 21. The current charter rate is about $400,000-$500,000 per day, Reinertsen said.

06/23/2008

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