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backlog by approximately 421 days, excluding optional periods.
The premium jack-up drilling rig “Gerd” has secured a binding LOA from an
undisclosed customer for work in the Middle East. This contract will cover a
firm scope of 270 days, and one unpriced optional scope of 60 days. The firm
scope has an estimated contract value of $47.7 million, including mobilisation
and demobilisation. The “Gerd” concludes its current contract with Addax in Q3
2023, following the client’s decision not to proceed with certain optional wells
previously exercised. The rig will then undergo mobilisation, statutory surveys
and recertification ahead of its new commitment which is expected to start in
December 2023.
The premium jack-up drilling rig “Thor” has secured a binding LOA from an
undisclosed customer for work in Southeast Asia. This contract will cover a firm
scope of two wells with an estimated duration of 151 days and a contract value
of $25.1 million, including mobilisation and demobilisation. This contract is
expected to commence in December 2023, in direct continuation of the rig’s
ongoing contact.
Hamilton, Bermuda
31 July 2023
Forward looking statements
This press release includes forward looking statements, which do not reflect
historical facts and may be identified by words such as “will”, “estimate” and
similar expressions and include statements relating to letters of award for rig
contracting including the duration and value of such contracts and backlog, and
other non-historical statements. Such forward looking statements are subject to
risks, uncertainties, contingencies and other factors could cause actual events
to differ materially from the expectations expressed or implied by the forward
-looking statements included herein, including risks related to actual
performance under drilling contracts, the risk that backlog may not be realized,
the number of rigs that will be in operation and rates that are achieved, and
other risks and uncertainties described in the section entitled “Risk Factors”
in our most recent annual report on Form 20-F and other filings with the
Securities and Exchange Commission. Such risks, uncertainties, contingencies and
other factors could cause actual events to differ materially from the
expectations expressed or implied by the forward -looking statements included
herein. These forward-looking statements are made only as of the date of this
release. We do not undertake to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208
Kilde
