Based on Conditional award letter previously announced, Maersk Drilling was awarded a contract from Tullow Ghana Ltd. for the supply of the Maersk Venturer ultra-deep drill vessel and additional services for a development drilling campaign in the TEN and Jubilee fields off Ghana. The contract began in April 2021, for an estimated duration of around four years. The estimated value of the contract is approximately $ 370 million, excluding additional services provided and potential performance bonuses.
The contract has a progressive daily rate structure for the entire duration. However, the contract contains certain provisions which, after an initial period of 18 months, allow for a shift to a daily market-linked tariff structure and early termination for convenience by Tullow Ghana Ltd.
“We are delighted to have confirmed this long-term contract for Maersk Venturer, bringing it back to a basin where the rig and its crew previously performed stable and highly efficient operations for Tullow. We are delighted to have restarted our operations in Ghana, where we will continue to work with the Ghanaian community, our partner Rigworld and other local suppliers who have contributed to the success of our operations in the region, ”said CEO Jørn Madsen from Maersk Drilling.
Maersk Venturer is a high specification 7th generation drill vessel which was delivered in 2014. It is currently operating on the Jubilee field off Ghana.
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Investor News – 002-08042021 – Contract confirmed with Tullow Oil offshore Ghana