Oil & Gas
Maersk Drilling Secures One Well Extension for Rig with Equinor
Equinor Energy AS has exercised the option to add development drilling of one additional well at the Martin Linge field offshore Norway to the work scope of
Equinor Energy AS has exercised the option to add development drilling of one additional well at the Martin Linge field offshore Norway to the work scope of the low-emission rig Maersk Intrepid. The contract has an estimated duration of 80 days, with work expected to commence in September 2021 in direct continuation of the rig’s current work scope. The contract value of the extension is approximately USD 29.5m, including integrated services provided, but excluding potential performance bonuses.
The contract extension is entered under the Master Framework Agreement between Equinor and Maersk Drilling, in which the parties have committed to collaborate on technology advancements and further initiatives to limit greenhouse gas emissions. As the first of Maersk Drilling’s rigs to be upgraded to a hybrid, low-emission rig, Maersk Intrepid in late 2020 produced an initial data point of reducing fuel consumption and CO2 emissions during drilling operations by approximately 25%, compared to the baseline average for the rig, while NOx emissions were reduced by approximately 95%. The contract with Equinor Energy AS contains a performance bonus scheme based on rewarding reduced CO2 and NOx emissions.
Maersk Intrepid is an ultra-harsh environment CJ70 jack-up rig, designed for year-round operations in the North Sea and featuring hybrid, low-emission upgrades. It was delivered in 2014 and is currently operating at Martin Linge for Equinor Energy AS.