North Atlantic Drilling gets semi-sub extension at reduced rate

North Atlantic Drilling gets semi-sub extension at reduced rate

Oslo: North Atlantic Drilling, the majority owned subsidiary of John Fredriksen-controlled Seadrill, has been awarded a contract extension by Total E&P UK for the semi-submersible rig West Phoenix (built 2008).

The extension is valued at around $62m, and runs mid-March 2016 through the end of August 2016. The rig will however remain idle between September 2015 and March 2016 when the extension begins, and North Atlantic will market the rig for work during that time period.

The company added that as part of the extension Total E&P has received a reduction to the contracted dayrate on the rig effective from June 1 through to the end of the current contract at the end of August, resulting in a $16m reduction in revenue.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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