China’s CIMC Raffles and Norway’s Odfjell Drilling have partnered to secure a drilling contract from Neptune Energy Norge to utilise newbuild semi-submersible rig Beacon Atlantic.
Neptune Energy Norge will utilise the Beacon Atlantic for a six-well drilling campaign, with 10 optional wells, on the Norwegian continental shelf.
Commencement of drilling operations is scheduled for the final quarter of 2019 and is estimated to take around 400 days.
CIMC Raffles and Odfjell Drilling have entered into a four-year management agreement which will see Odfjell manage and operate the rig on behalf of CIMC Raffles. Odfjell has also secured exclusive rights to acquire the rig and has first right of refusal on any offer to purchase it following the exclusivity period. Odfjell has also secured the right to market sister rig, Beacon Pacific.
Simen Lieungh, CEO of Odfjell Drilling, commented: “The agreement is important step in Odfjell Drilling’s long term strategy as we now are securing an attractive rig capacity for harsh environment operations combined with a purchase option. Beacon Atlantic will be a valuable addition to our fleet and the award from Neptune Energy demonstrates that the rig, combined with our unique harsh environment expertise, has excellent capabilities for operations in the North Sea. CIMC Raffles and Odfjell Drilling have by this created a strong partnership and we look forward to the continuation.”