Maersk Drilling announces major contract with Repsol

Maersk Drilling has been awarded a new major contract in the North Sea for the combined drilling and production jackup Mærsk Inspirer by Repsol.

With an estimated duration of five years and options for up to an additional five years, the contract covers drilling and production on the Yme new development in Norway. Following modification work to the production module, the contract is expected to commence operations on the Yme field as early as Q4 2019.

Mærsk Inspirer was built in 2004 and converted in 2007 to offer simultaneous drilling and production services on the Volve field for Statoil. This contract was completed in early 2017 after 10 years of successful operations for Statoil. Today, the jackup rig is the only asset in the North Sea with these unique dual capabilities offering the customers flexibility and a lower overall cost.

“This contract with Repsol is a very powerful example of early engagement between an oil company and a drilling contractor. Initial discussions started over two years ago and have required close collaboration between the parties involved to enable the project. It proves how we as an industry can deliver viable projects under continuous challenged market conditions by collaborating closely. We appreciate the opportunity to support Repsol’s business by leveraging our experience within combined drilling and production services,” Lars Ostergaard, Chief Commercial Officer of Maersk Drilling, said

The contract with Repsol follows a series of new contracts and contract extensions for Maersk Drilling over the past months. During Q3, Maersk Drilling signed two new contracts and two contract extensions and in October, Maersk Drilling announced another two new contracts and two more contract extensions.

“With today’s announcement and the contracts signed during Q3 and after, we have added well over seven years and $564 million to the backlog. Maersk Drilling’s contract coverage remains one of the strongest in the industry and I am pleased to see that we are able to land important contracts in key markets in a very challenging business environment,” Jorn Madsen, Chief Executive Officer of Maersk Drilling, said.