BP Norway has extended its 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, taking it out to 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, Maersk Reacher was upgraded to comply with relevant requirements in Norwegian shelf regulation, and received an Acknowledgement of Compliance, enabling it to start a three-year firm contract with BP Norway in September 2011.