Maersk Drilling, Aker BP renew frame agreement with five-year deal for two jackups

Maersk Drilling and Aker BP have entered into a Heads of Agreement to renew and extend the frame agreement that establishes Maersk Drilling as the jackup rig drilling partner. The agreement confirms a commitment to renew the frame agreement by a five-year period and includes a commitment from Aker BP for the provision of the ultra-harsh environment jackups Maersk Integrator and Maersk Invincible for activities offshore Norway during this period.

The revised setup will allow Aker BP to assign the two rigs to multiple operations with multi-purpose use of the rigs during the frame agreement period. Different rate structures will apply during the period reflecting different operating modes, agreed incentive schemes, and market developments. Over the frame agreement renewal period, the five-year commitment for the two rigs is expected to have a combined total contract value of approximately $1 billion.

“We are absolutely delighted to re-affirm our commitment to Aker BP for another five years and to secure major scope additions during these five years. Working in such a collaboration has long since proved its worth by setting new standards for what is achievable in offshore drilling, producing remarkable efficiency gains in many stages of drilling campaigns and in this way adding significant value creation for all parties involved. It is evident that we are able to raise the performance across the board when we collaborate closely as trusted partners, and by building further on our now well-established groundwork, we will be able to achieve even greater results,” said Maersk Drilling CEO Jørn Madsen.

“This commitment by Aker BP to renew the frame agreement with Maersk and a long-term horizon for both the Maersk Invincible and Maersk Integrator reflects the value of our relationship, as we work together with our strategic partners to reduce waste and carbon footprint whilst lowering the cost per barrel. Strategic alliances in addition to the digitalization strategy are key enablers to our ambitious improvement agenda,” said Tommy Sigmundstad, SVP Drilling & Wells at Aker BP.