New Wave Media

January 3, 2014

BP Norway Extends Jack-up 'Maersk Reacher' Contract

Maersk Reacher: Image courtesy of Maersk Drilling

Maersk Reacher: Image courtesy of Maersk Drilling

Maersk Drilling informs that BP Norway has extended the contract for the jack-up 'Maersk Reacher' by two years from September 2014 to September 2016.

BP Norway holds options to further extend the contract by up to additional four years until September 2020. The estimated value of the two-year extension is US$ 222-million.

Maersk Reacher is the fourth in a series of four high efficiency 350ft jack-ups delivered in 2008-2009. In 2011 the jack-up was upgraded to comply with relevant requirements in Norwegian shelf regulation and received an 'Acknowledgement of Compliance' enabling it to commence a three-year firm contract with BP Norway in September 2011.

“We are very pleased with the contract extension from BP Norway. Together with the five-year firm contract for a newbuild jack-up announced in September 2013, we see the contract extension for Maersk Reacher as a further strengthening of our relationship with BP. The contract extension adds USD 222m. to our revenue backlog providing a high revenue visibility and a solid basis for our ambitious growth strategy,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller - Maersk Group.

A.P. Moller - Maersk GroupMaersk DrillingBP Norway