Maersk Drilling beings long-term contract with Tullow in Ghana

Maersk Drilling has been awarded a contract from Tullow Ghana for the provision of the ultra-deepwater drillship Maersk Venturer and additional services for a development drilling campaign at the TEN and Jubilee fields offshore Ghana. The contract started this month, with an estimated duration of around four years. The estimated contract value is approximately $370 million, excluding additional services provided and potential performance bonuses.

The contract has a progressive day rate structure for the full duration. However, it contains certain provisions which, after an initial period of 18 months, permit a shift to a market-linked day rate structure and early termination for convenience by Tullow Ghana.

“We’re thrilled to have firmed up this long-term contract for Maersk Venturer, bringing it back to a basin where the rig and its crew previously performed stable and highly efficient operations for Tullow,” said Jørn Madsen, Maersk Drilling CEO.”We’re delighted to have started up operations again in Ghana where we will continue our work with the Ghanaian community, our partner Rigworld and other local suppliers who have contributed to our successful operations in the region.”

Maersk Venturer is a high-specification seventh-generation drillship which was delivered in 2014. It is currently operating at the Jubilee field offshore Ghana.