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CIMC Raffles Offshore (“CIMC Raffles”) and Odfjell Drilling are pleased to
announce that Neptune Energy Norge, on 19 March 2019, has awarded Beacon
Atlantic a 6 wells firm drilling contract with 10 optional wells on the
Norwegian continental shelf. The commencement of the drilling operations is
expected to be in Q4 2019 and the estimated duration of the firm program is 400
days. CIMC Raffles and Odfjell Drilling are further establishing a project team
at the shipyard to prepare and mobilize for the operations in the North Sea.
CIMC Raffles and Odfjell Drilling have also entered into a 4 year management
agreement whereby Odfjell Drilling will manage and operate Beacon Atlantic on
behalf of CIMC Raffles based on terms and conditions customary for this type of
agreements. The agreement also secures Odfjell Drilling the exclusive right to
purchase the unit and a right of first refusal on any offer to purchase the unit
following the exclusivity period. The agreement also secures Odfjell Drilling
the right to market Beacon Atlantic’s sister unit, Beacon Pacific. Both units
will form an integral part of Odfjell Drilling’s modern and high performing rig
fleet.
Beacon Atlantic is of GM4D design and is currently at CIMC Raffles yard in
Yantai, China completing final commissioning and sea trials. The drilling unit
is capable of harsh environment operation and is winterized for operation in
Arctic areas. The unit is further designed for efficient operations with offline
capability and active heave compensation system.
“The agreement is important step in Odfjell Drilling’s long term strategy as we
now are securing an attractive rig capacity for harsh environment operations
combined with a purchase option. Beacon Atlantic will be a valuable addition to
our fleet and the award from Neptune Energy demonstrates that the rig, combined
with our unique harsh environment expertise, has excellent capabilities for
operations in the North Sea. CIMC Raffles and Odfjell Drilling have by this
created a strong partnership and we look forward to the continuation, says CEO
Simen Lieungh of Odfjell Drilling”.
For further queries, please contact:
Investor Relations:
Eirik Knudsen, Vice President Corporate Finance & Investor Relations
+47 934 59 173 / [email protected]
Aberdeen, United Kingdom
19 March 2019
Odfjell Drilling Ltd.
http://www.netfonds.no/quotes/release.php?id=20190319.OBI.20190319S38
