ODL – additional work added to Deepsea Stavanger Equinor Contract
Wednesday 20 July 2022
Equinor has exercised further work for the Deepsea Stavanger under the continued optionality mechanism provided for in the contract entered into by the parties in May 2021. Following this addition the Deepsea Stavanger now has eight (8) remaining wells to be drilled which are expected to occupy the rig into Q3 2023. Equinor has the opportunity to exercise further wells under the continued optionality mechanism.
The day rate is similar to the current contract up to 1st May 2023 from which time there is an increase if certain CO2 targets have been achieved. A notable performance incentive rate in addition shall apply when wells are delivered safely and ahead of target. Integrated services are provided through the contract and compensated separately.