Maersk Drilling confirms long-term drillship contract with Tullow Oil offshore Ghana globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.
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Maersk Drilling has received a conditional letter of award (“CLOA”) from Tullow Ghana Ltd. (“Tullow”) for the provision of the ultra-deepwater drillship Maersk Venturer and additional services for a development drilling campaign at the TEN and Jubilee fields offshore Ghana.
The duration of the final contract is around four years with expected commencement in Q2 2021. The estimated value of the final contract is approx. USD 370 million, excluding the value of the additional services provided and performance bonuses. The operation will be supported by local partner Rigworld.
The final contract has a progressive day rate structure for the full duration of the contract. However, after the initial period of 18 months, the contract has a provision to shift to a market-linked day rate structure.