Tullow Ghana Ltd. (OTCMKTS: TUWOY) has awarded Maersk Drilling (CPH: DRLCO) a conditional letter of award (CLOA) for a long-term developmental drilling campaign at the TEN and Jubilee fields offshore Ghana, Maersk reported Thursday.
Maersk Drilling noted the duration of the final contract for the ultra-deepwater drillship Maersk Venturer, along with additional services, is approximately four years and should begin in the second quarter of this year. Excluding additional serves and performance bonuses, the drilling contractor estimates a final contract value of approximately US$370 million. Local partner Rigworld will support the operation, the CLOA recipient added.
“We’re delighted to get this opportunity to secure a long-term contract for Maersk Venturer, as Tullow once again shows confidence in Maersk Drilling’s ability to deliver stable and highly efficient operations to their major development projects in Ghana,” commented Maersk Drilling CEO Jørn Madsen. “This also means that we will be able to continue our work with the Ghanaian community and local suppliers who have previously contributed to our West African operations.”
According to Maersk Drilling, the final contract includes a progressive day rate structure for the full duration. The company added, however, that the contract includes a provision to shift to a market-linked day rate structure after the initial 18 months.
The final contract hinges on meeting certain regulatory conditions, Maersk Drilling noted. The firm pointed out the Maersk Venturer is warm-stacked in Las Palmas, Spain, having completed a Tullow campaign in Ghana last year.
To contact the author, email mveazey@rigzone.com.
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