Tuesday, December 18, 2018

Maersk Drilling and Seapulse Form Alliance

December 5, 2018

(Photo: Maersk Drilling)
(Photo: Maersk Drilling)

Maersk Drilling A/S announced Wednesday that it has signed a Master Alliance Agreement (MAA) with Seapulse Ltd. under which Maersk Drilling will provide fully integrated services, including provision of drilling rigs, related drilling services, well services, and other goods and services, for a global offshore oil and gas exploration drilling program of 12 wells.

The program, expected to commence in mid-2019 with an expected duration of 490 days, spans shallow water and deepwater wells in several regions requiring a combination of jack-ups, semi-submersibles, and drillships. The specific rigs to be deployed during the course of the program will be determined on basis of rig suitability and availability.

Maersk Drilling said services will be provided on the basis of market rates with an incentive payment scheme to drive performance and provide potential upside for the parties involved in the well program. The Danish drilling rig operator expects to subcontract the majority of the well services.

Jørn Madsen, CEO of Maersk Drilling, said, “This alliance is a key example of a fully integrated service delivery model aimed at eliminating inefficiencies by aligning incentives and removing complexity across the entire value chain. This allows Maersk Drilling to leverage our proven track record of delivering wells safely and efficiently – thereby mitigating operator cost risk whilst sharing in the commercial upside of the program. The ambitious global drilling program will utilize Maersk Drilling’s young and versatile fleet of drilling rigs to explore an extensive prospect portfolio.”

Scott Aitken, CEO and co-founder of Seapulse, added, “The Seapulse business model has the promise to be transformational for the oil and gas industry, by optimizing the risks and rewards associated with exploration drilling. Our strategy leverages Maersk Drilling’s technological and operational expertise, whilst giving access to a cherry-picked global prospect portfolio, creating a sustainable approach to offshore exploration. Seapulse’s strong financial backing gives us the critical advantage of being able to drill and test a statistically de-risked exploration portfolio normally only associated with super-major oil companies.”

The planning of the global exploration drilling program will be finalized by Seapulse in conjunction with program investors, Maersk Drilling said.

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