Odfjell Drilling is pleased to announce that Statoil has awarded a conditional Letter of Intent (LOI) for a drilling contract for Deepsea Atlantic for 6 firm wells with an estimated total duration of 18 months, scheduled to commence in early first quarter 2019.

The contract contains the option to continue operations for Statoil after the firm period, and such options shall be based on market pricing.

Simen Lieungh, CEO Odfjell Drilling:
“The contract is another important milestone for Odfjell Drilling in maintaining a close relationship with one of our key clients on NCS. We have enjoyed great operational success in our partnership with Statoil on Johan Sverdrup and we are setting our sights even higher to improve on previous performance going forward by implementing new digital solutions to increase efficiency in operations”

The contract value is estimated to USD 160 million (including some third party services, e.g. casing running services by Odfjell Well Services) plus potential income from the contract incentive model.

The conditional Letter of Intent is subject to license approval.

About Odfjell Drilling

Odfjell Drilling is a listed international drilling, well service and engineering company with 2000 employees and operations in more than 20 countries.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in more than 30 countries, present in several of the most important oil and gas provinces in the world. Building on more than 45 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is among the world's largest net sellers of crude oil and condensate, the second-largest supplier of natural gas to the European market, and we also have substantial processing and refining operations. Statoil’s equity oil and gas production is around 2 million barrels oil equivalent per day. Statoil has contracted a fleet of around 90 ship for transportation of oil and LNG.
Statoil is headquartered in Norway with 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.