Maersk Drilling Confirms $370M+ Drillship Contract in Ghana

OE Staff
Thursday, April 8, 2021

Danish offshore drilling company Maersk Drilling on Thursday confirmed a long-term contract with Tullow Oil for its Maersk Venturer drillship off Ghana.

The firm contract following the previously agreed conditional letter of award, and includes the provision of the ultra-deepwater drillship and additional services for a development drilling campaign at the TEN and Jubilee fields offshore Ghana. 

The contract started in April 2021, with an estimated duration of around four years. The announcement comes just three days after Tullow announced it had started a multi-well drilling campaign using the Maersk Venturer.

Maersk Venturer is a 7th generation drillship that was delivered in 2014. It is currently operating at the Jubilee field offshore Ghana.

The estimated contract value for Maersk Drilling is approximately $370 million, excluding additional services provided and potential performance bonuses. 

"The contract has a progressive day rate structure for the full duration. However, the contract contains certain provisions which, after an initial period of 18 months, permit a shift to a market-linked day rate structure and early termination for convenience by Tullow Ghana Ltd," Maersk Drillig said.

Jørn Madsen, CEO of Maersk Drilling, said: "We’re thrilled to have firmed up 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’re delighted to have started up operations again in Ghana where we will continue our work with the Ghanaian community, our partner Rigworld and other local suppliers who have contributed to our successful operations in the region."

Categories: Activity Rigs Africa Deepwater Drilling Industry News

Related Stories

Transocean Sees Multiple Offshore Rig Deals Awarded, One Terminated in Q2

Photo: Sembcorp Marine Delivers Offshore Facilities for TotalEnergies' Tyra Field

An Overview of the Work Class ROV Market

Current News

Shell, Petronas Carigali, Petros Get Hold of Offshore Block in Sarawak, Malaysia

Santos: First Well of Bayu Undan Infill Drilling Program Beats Output Forecast

DOF Subsea Orders Two Work-class ROVs from Forum Energy Technologies

Subsea Tech Firm Ashtead Appoints Chief Technology Officer

Subscribe for OE Digital E‑News