Norwegian oil firm Equinor has exercised one additional well to be added to Odfjell Drilling Deepsea Stavanger rig's drilling contract.
The well has been exercised under the Continued Optionality mechanism in the contract entered into between the parties in May 2020, as part of the overall Master Frame Agreement.
The additional well will follow the current firm period of three wells which starts during the first quarter of 2022. The rig is now expected to be busy into Q3 2022.
The commercial value for the additional well is approximately $20 million.
"The Deepsea Stavanger’s contract includes a notable performance incentive rate which shall apply when wells are delivered safely and ahead of target. Integrated services are provided through the contract and compensated separately," Odfjell Drilling said.
The rig was recently successful for Lundin Energy, which used it to drill appraisal wells on the Lille Prinsen discovery, north of the Edvard Grieg field in the North Sea, offshore Norway.
The two wells have confirmed a combined updated gross resource range of 12 – 60 million barrels of oil equivalent (MMboe) and the discoveries are being matured for possible project sanction before the end of 2022, Lundin said earlier in September.