Maersk Drilling and Aker BP have agreed to renew and extend the provision of the ultra-harsh environment jackup rigs Maersk Integrator and Maersk Invincible offshore Norway for a five-year period. The deal is expected to have a combined total contract value of approximately $1bn.
The revised deal will allow Aker BP to assign the two rigs to multiple operations with multi-purpose use of the rigs during the frame agreement period. Different rate structures will apply during the period, reflecting different operating modes, agreed incentive schemes, and market developments.
Under the renewed frame agreement, Aker BP has awarded a conditional letter of award for the provision of the 2015-built Maersk Integrator and the 2016-built Maersk Invincible for different work scopes on campaigns offshore Norway, with varying durations in the period from mid-2023 to end-2027. The contracts will be delivered under the terms of the renewed frame agreement, which includes the provision of integrated services and performance bonus schemes rewarding operational efficiency and emission reductions.
In an extension of the framework agreement, Aker BP and Maersk Drilling have further committed to a hybrid investment case, under which Maersk Drilling will outfit the Maersk Invincible with hybrid, low-emission upgrades similar to that previously installed on Maersk Intrepid and Maersk Integrator.
“Working in such a collaboration has long since proved its worth by setting new standards for what is achievable in offshore drilling, producing remarkable efficiency gains in many stages of drilling campaigns and in this way adding significant value creation for all parties involved. It is evident that we are able to raise the performance across the board when we collaborate closely as trusted partners, and by building further on our now well-established groundwork, we will be able to achieve even greater results,” said Jørn Madsen CEO of Maersk Drilling.
“This commitment by Aker BP to renew the frame agreement with Maersk and a long-term horizon for both the Maersk Invincible and Maersk Integrator reflects the value of our relationship, as we work together with our strategic partners to reduce waste and carbon footprint whilst lowering the cost per barrel. Strategic alliances in addition to the digitalisation strategy are key enablers to our ambitious improvement agenda,” added Tommy Sigmundstad, SVP drilling and wells in Aker BP.