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    PTCOD   US71649B4005

PETROGAS COMPANY

(PTCOD)
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PetroGas : Maersk Drilling awarded three-well contract by Petrogas

11/06/2020 | 09:23am EDT

Maersk Drilling has secured a contract from Petrogas E&P Netherlands B.V. for the harsh environment jack-up rig Maersk Resilient to drill three wells at the B13 and A12 fields in the Dutch sector of the North Sea.

The contract is expected to commence in November 2020 and has an estimated duration of 110 days. The firm contract value is approximately USD 9.4m.

The parties have further agreed that Maersk Drilling will be given exclusive options to work on a selected number of Petrogas' planned projects in the Dutch sector in 2021 and 2022.

'The three-well contract and the exclusivity agreement are yet another testament to our strong relationship with Petrogas. We are very pleased to be given the opportunity to continue our great collaboration and leverage the design of our R-class rig capabilities to support Petrogas' business in one of their core markets in the Netherlands,' says Claus Bachmann, Head of North Sea Division in Maersk Drilling.

Separately, the previously announced contract with Petrogas North Sea Ltd for the drilling of one well at the Birgitta field in the UK sector of the North Sea will be cancelled and Maersk Drilling will receive compensation via a termination fee. Maersk Drilling retains an exclusive option with Petrogas North Sea to drill the Birgitta well in 2021 at rates reflecting the expected 2021 market.

Maersk Resilient is a 350 ft., Gusto-engineered MSC CJ 50 high-efficiency jack-up rig which was delivered in 2008. It is currently mobilising for the campaign for Petrogas in the Netherlands and thereafter Serica Energy UK Ltd.

Contact:

Tel: +45 27903102

Email: Kristoffer.apollo@maerskdrilling.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 - - -
Net income 2021 -0,12 M - -
Net Debt 2021 0,31 M - -
P/E ratio 2021 -14,7x
Yield 2021 -
Capitalization 0,34 M 0,34 M -
EV / Sales 2020 56 461x
EV / Sales 2021 -
Nbr of Employees -
Free-Float 16,3%
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