The contract includes an option for drilling one extra well at the Valemon field, and 11 wells that are not included in the same licence. The rig contractor also received a master frame agreement with Equinor.

The total value of the day rates for the fixed part of the contract is estimated at around USD 51 million. Additional cost includes integrated services such as managed pressure drilling, treatment of cuttings and wastewater as well as running casing and tubing, further, rig modifications, mobilization and demobilization.

Being the world’s tallest jack-up rig, Noble Lloyd Noble can stand on the seabed in up to 150 metres of water under tough weather conditions. The Valemon drilling campaign is estimated to take around 230 days.

“Equinor is exploring new ways of working with suppliers to increase efficiency and create value together. Long-term collaboration with suppliers who deliver on our expectations is an important element in that respect. This way we reward safe and efficient deliveries and keep building on experience and improvement results achieved in past projects,” says Peggy Krantz-Underland, Equinor’s chief procurement officer.

The contract is subject to the rig receiving an Acknowledgement of Compliance from the Petroleum Safety Authority Norway.

The partners of the Valemon licence are Equinor (66.78%, operator), Petoro (30%) and Shell (3.22%).