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DRILLING / Drilling Featured News

Exxon extends Maersk drillship contract. Dayrate slashed

ExxonDanish offshore driller Maersk Drilling has secured a contract extension for the ultra-deepwater drillship Maersk Viking with ExxonMobil. The estimated value of the contract extension is $22.5 million, with a duration of 150 days. 

Maersk Viking has been operating for ExxonMobil on the Julia field in the U.S. Gulf of Mexico since delivery from the Samsung Heavy Industries (SHI) shipyard in 2014. The original contract was scheduled to end in July 2017. With the extension, Maersk Viking will now be in operation for ExxonMobil until December 2017.

While Maersk doesn’t address the dayrate specifically, a back-of-the-envelope calculation shows the dayrate for the extension period is some $150.000. The original three-year contract had a dayrate of more than $550.000.

“I’m truly pleased on behalf of the crew on board the Maersk Viking and the entire organization that we have been able to secure an extension of the contract with ExxonMobil. We look forward to continuing our collaboration with customers through a difficult period for the entire industry,” says Michael Reimer Mortensen, Vice President and Head of Global Sales in Maersk Drilling and continues.

“It is evident that we are now looking at a day rate much lower than the original contract, reflecting the current market situation. However, Maersk Drilling has significantly lowered cost levels across the fleet in the past years, enabling us to operate just as efficiently in this new environment. Our first priority is to add value to our customers and their operations, and we will work closely with them to ensure the delivery of safe and efficient operations.”

The Original Posted by Offshore Energy today.com

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